Cryptocurrency Converges with Dictatorships – Why We Need to Watch Iran, North Korea, Venezuela and Russia.
Cryptocurrency converges with dictatorships like never before. We have Venezuela trying to float the Petro — a cryptocoin investment that is dead on arrival. Then there’s North Korea mining Bitcoin and stealing Bitcoin as they attempt to circumvent the sanctions that are crippling the country. Putin, the president-for-life dictator of Russia, has recently given his blessing to Bitcoin while paving the way for Russia’s own cryptocoin endeavors.
Let’s breakdown how cryptocurrency converges with dictatorships…
As a cryptocoin expert, Bitcoin miner and avid blogger of crypto I’m happy to share my thoughts, impressions and collected observations from the cryptocurrency community at large. Nobody with any sense is investing in the Petro. Investors of every stripe see no viable return because the prevailing market sentiment sees no value in the Petro. To make matters worse for the Petro, nobody trusts or likes the government of Venezuela. The Petro is dead on arrival. For Americans that’s a VERY good thing because any US citizen crazy enough to invest in the Petro is very likely breaking Federal law in the process.
Russians by and large don’t have extra money to spare on cryptocoin investments beyond a few Rubles here and there. This amounts to pocket change considering 56 rubles makes up one US Dollar. Russia’s abundant, affordable electricity and cool climate makes it a worthy candidate for Bitcoin mining. Putin’s recent approval of Bitcoin and nebulous statements about cryptocoin are a non-issue. Outside of the oligarchs and the minuscule middle-class / upper middle class in Russia, cryptocoin in Russia is a non-issue.
It’s becoming clear that cryptocurrency converges with dictatorships much less and to a far smaller degree than feared.
North Korea is a known bad actor when it comes to Bitcoin, which they see as a plausible path around sanctions. Outside of government activity in mining and hacking, there is no cryptocoin activity of any consequence.
News out of Iran, which should surprise no one, reports the government is trying to squash all cryptocoin activity except the one they may be shilling in the near future. “Dear Iran — Check out what happened to Venzuela’s coin the Petro.”