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Check Your Financial Privilege
Article

Check Your Financial Privilege

While those comfortable in the dollar bubble deride Bitcoin, the stories of three emerging market users demonstrate why it is so important.



Editorial Rating

8

Qualities

  • Eye Opening
  • Hot Topic
  • Inspiring

Recommendation

In the advanced economies, where residents enjoy the rule of law, stable currencies and free markets, many observers have questioned whether bitcoin can be an effective store of value, a legitimate competitor to fiat currencies or a viable payment medium. But in countries like Sudan, Nigeria and Ethiopia, as author Alex Gladstein reveals in this illuminating article, people are embracing bitcoin as a way to simplify cross-border remittances and to circumvent dysfunctional markets and corrupt regimes. Gladstein adeptly highlights how bitcoin can help the citizens of developing economies find financial freedom.

Take-Aways

  • Some critics of bitcoin don’t recognize the role it can play in improving people’s finances in developing countries.
  • In Nigeria, Sudan and Ethiopia, bitcoin helps residents grapple with high inflation, tyrannical regimes and worthless currencies.
  • Bitcoin can change lives for the better.

About the Author

Alex Gladstein is the chief strategy officer for the Human Rights Foundation.