Bitcoin May Not Sustain $27K As Network Becomes Overvalued, Indicated By 5-Year High NVT Signal
The price of Bitcoin struggled to find buyers near the $28,000 mark and remained under the influence of sellers. Despite a significant correction, BTC’s price has stabilized around $27,000. However, this stability may not last long, as a key metric has reached a five-year high. The NVT signal, which hasn’t been this high since 2019, suggests that the price could soon decline to eliminate the unsustainable bubble.
Bitcoin Activity Won’t Support $27,000 BTC Price
While buyers may find peace in the relatively stable Bitcoin price around the $27,000 mark, their bullish hope could be short-lived due to a concerning metric. Glassnode’s data reveals that Bitcoin’s NVT signal (network value to transaction) has surged to 1,737.098, a level unseen in the past five years. This metric could potentially create a turmoil for BTC price near the current level.
NVT, developed by statistician Willy Woo, is a metric that assesses the relationship between on-chain activity and the price of Bitcoin. The NVT signal adjusts its measurements by employing a 90-day moving average of daily transaction volume instead of using raw data. This modification, as suggested by Glassnode, enhances the effectiveness of NVT and enables it to serve as a more reliable leading indicator.
Despite exhibiting a relatively stable price throughout the current year, in contrast to its historical volatility, Bitcoin’s NVT ratio has experienced a notable upswing since the beginning of 2023. The momentum was accelerated when the BTC price soared past the $20K mark, subsequently establishing itself above $30K recently.
Although Bitcoin’s value is currently less than half of what it was in 2022, the network volume has declined so significantly that even its present valuation of $27,000 may be unsustainable. A high Bitcoin NVT indicates that its network valuation is exceeding its transaction value, which can signal either robust growth and investor hype or an unsustainable price bubble.
What’s Next For BTC Price?
Bitcoin recently soared past the immediate resistance of $27,500, bringing a renewed hope of buying momentum. However, the effort to surge above is being prevented by sellers as BTC price struggles at EMA20. Currently, BTC price is trading at $27,440, surging over 0.31% from yesterday’s rate.
Bulls are anticipated to send the price towards $28,500 again, where they may face resistance from bears. A surge above the level will take the BTC price above $30K. However, on the bearish side, BTC price is expected to witness a rebound.
Initial support region on the downside is between $26,000-$26,500. A rebound from this level will indicate purchases by buyers near the dip, which can trigger an upward trend. To gain the upper hand, sellers must pull the price below this support range. However, the RSI level is trading above the midline at 52 and Bitcoin holds momentum above EMA200, which can weaken sellers’ demand.
Ripple vs SEC: Pro-XRP lawyer says SEC May Seek Emergency Writ to 2nd Circuit: ‘But That Will be Denied’
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a federal judge has denied the SEC’s request to appeal its earlier loss. District Judge Analisa Torres issued a brief ruling on Tuesday, stating that the SEC had not met the legal burden to show substantial grounds for differences of opinion.
Pro-XRP lawyer Fred Rispoli commented on the ruling, noting that while the July 13 victory was significant, this latest development is also a positive outcome for Ripple.
Judge Torres’ ruling seemed to express her frustration with the SEC’s approach to the case, with Rispoli interpreting it as a display of contempt for the SEC’s disrespect and misuse of her time. According to Rispoli, the SEC’s position took a turn for the worse during the Hinman Emails saga when it adopted seemingly contradictory stances, ultimately proving detrimental to its case.
One key takeaway from Judge Torres’ order, as pointed out by Rispoli, was a footnote highlighting the SEC’s presentation of shifting and inconsistent arguments regarding its legal theory about “Other Distributions.” According to Rispoli, this observation was an unusual departure from Judge Torres’ typical approach but was deemed necessary to underscore the SEC’s inconsistency.
“The SEC may seek an emergency writ to 2nd Circuit, but that will be denied. It would waste time and money, so I cannot put that at 0% probability. The order’s many references to facts yet-to-be-decided were saturated with implications by J. Torres that any arguments by SEC will be greeted from a starting point of being non-credible,” he wrote on X.
While the SEC may explore options such as seeking an emergency writ to the 2nd Circuit, Rispoli believes such a move is unlikely to succeed and would only waste time and resources. The judge’s repeated references to undecided facts in the case suggest a skepticism towards the SEC’s credibility in future arguments.
“The SEC Lost Big”: Bill Morgan Breaks Down the Sweeping Defeat in Ripple Case
The U.S. Securities and Exchange Commission (SEC) recently lost a motion for an interlocutory appeal in its case against Ripple Labs, the company behind the cryptocurrency XRP. District Judge Analisa Torres denied the SEC’s motion, leading to a considerable stir in the legal and crypto communities.
Australian lawyer Bill Morgan took to Twitter to dissect the court’s decision, emphasizing the comprehensive defeat suffered by the SEC. This article delves into Morgan’s key insights and explores the implications for Ripple and the broader crypto market.
According to him, the SEC failed to meet all three critical elements needed for an interlocutory appeal to proceed, and the court found the following.
- There was no controlling question of law;
- There was no substantial ground for differences of opinion;
- An interlocutory appeal would not materially advance the ultimate termination of the litigation,”
His remarks underscore the thoroughness of the SEC’s defeat, branding it a “complete loss” on all fronts. Morgan further pointed out that the court’s ruling did not conflict with decisions in similar cases, such as LBRY and Terra Labs, thereby quashing any hopes for the SEC to find a silver lining in comparative law.
One of the pivotal elements in crypto-legal battles is the Howey Test, a set of criteria used to determine if a financial instrument qualifies as a security. Judge Torres ruled that the Howey Test was irrelevant to this case, thereby striking down one of the SEC’s main arguments. Morgan concurred, reinforcing that there was no “substantial ground for differences of opinion” concerning the test’s applicability to Ripple’s XRP.
Although this is a setback for the SEC, the battle is far from over. The main trial is set for April 2024, and it promises to resolve lingering questions about the status of XRP as a potential security. As Morgan speculated, this could be an opportunity for Judge Torres to clarify her reasoning further, potentially making the case “appeal-proof.”
Ripple vs. SEC: SEC is Wasting Judge Torres’s Time in a Disrespectful Way
Recent developments suggest that the SEC’s approach may wear thin with the judiciary in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). District Judge Analisa Torres, presiding over the case, has denied the SEC’s motion for an appeal. Echoing these sentiments, crypto influencer Freddy Rispoli opined that Judge Torres’ recent rulings signal contempt for the SEC, accusing them of “wasting her time” in a “disrespectful way.”
Judge Torres recently rejected the SEC’s motion for an interlocutory appeal, stating that the appeal would not “materially advance the ultimate termination of the litigation.” Her decision included references to “shifting and inconsistent arguments” made by the SEC about their legal theory on Ripple’s “Other Distributions.” For observers like Rispoli, such comments aren’t merely legal parlance but signs of exasperation with the SEC’s approach.
According to Rispoli, the judge’s remarks were uncharacteristically sharp, signaling a veiled critique of the SEC’s shifting arguments. This piercing analysis reflects the SEC’s narrowing options and focuses on the commission’s controversial actions, particularly related to the #HinmanEmails saga.
SEC is Mishandling
District Judge Torres denied the SEC’s pre-motion for an interlocutory appeal. The legal battle seems to have cornered the SEC, forcing them to re-evaluate their stance, especially as they march toward an impending trial in April 2024. This refusal to allow an appeal did not just affect the SEC but also resonated with the community.
Rispoli’s observation about the SEC’s mishandling finds a striking parallel in the controversial Howey Test. Judge Torres dismissed the SEC’s insistence on applying the Howey Test to the case, thus quashing one of their pivotal arguments. This move also bolstered Rispoli’s assertion about the SEC’s increasingly shaky ground in this legal wrangle.
XRP Market Reaction
Echoing the sentiments expressed by Rispoli, the XRP market experienced a 5% rally following the announcement of the denied motion. This pulse of positivity within the investor community is emblematic of the uplifted spirits among Ripple supporters, but it also casts shadows of what may come as the 2024 trial approaches.
With influencers like Freddy Rispoli providing a voice to community sentiment, the SEC may need to rethink its strategy if it hopes to regain judicial and public confidence. As the case heads toward its 2024 trial date, all eyes will be on how the SEC adjusts its approach to avoid “wasting time” in what has already become a high-profile, highly scrutinized legal battle.
Litecoin Validates A Bearish Pattern – Will LTC Price Force Buyers To Exit?
As Bitcoin price struggles to maintain its momentum above the crucial $28K mark, it triggers a selling wave in leading altcoins. The ‘Uptober’ trend appears to be fading as leading altcoins, including LTC, flash red, signaling potential dips after validating a bearish pattern. With several on-chain data now indicating bearish signs, LTC price seems poised for another surge of selling pressure.
Litecoin’s Long/Short Ratio Surges Near The Dip
Following a drop in LTC price from $68, buyers rushed to sell off their positions to sidestep further losses. Coinglass data unveils that almost $1.6 million in long positions were liquidated in the past 48 hours. This activity has gradually strengthened the resistance level, paving the way for sellers to potentially capitalize on reversing the trend.
Additionally, Litecoin’s trading interest has declined, evidenced by a sharp decrease in the Open Interest (OI) metric. The OI metric plummeted by more than $11 million in the recent 24 hours, as LTC’s declining volatility struggled to capture market interest. Data from IntoTheBlock highlights a downturn in LTC’s volatility, which has been gradually decreasing for over a week, sliding from a peak of 38.4% to a low of 31.9%. This has emerged as a primary factor in Litecoin’s price decline.
Nonetheless, after the LTC price touched the $63 mark, a boost in confidence among long position holders was observed. The long/short ratio indicates a surge, currently trading at 0.9897, hinting at a fierce struggle between bulls and bears. At present, bulls are asserting their dominance with 49% long positions, while bears are responding with 51% short positions. Consequently, LTC price has managed to sustain a steady momentum below the $65 threshold.
What’s Next For LTC Price?
Litecoin price surged above $68 but failed to meet buyers’ expectation as sellers triggered intense pressure near this high. As a result, LTC price declined and buyers attempted to hold the momentum near $65 but failed due to increasing domination from sellers. As of writing, LTC price trades at $64.1, declining over 2.7% in the last 24 hours.
Typically, the rise of a bearish setup is viewed positively, as bulls, previously on standby, seize the opportunity to buy. After Litecoin reached the dip of $63, buyers bought in and pushed the price above 23.6% Fib channel. However, the price might soon dip and retest the breakout level of $62 before any significant upward movement occurs.
If the level of $62 sustains, it would indicate that bulls have successfully converted the region into a strong support. Hence, the Litecoin price might initiate an upward trajectory towards $65 and potentially further to $68 if it rebounds successfully.
Conversely, if the price declines and drops below the initial bearish zone, it would suggest that the markets have rebuffed the higher levels. The price might then visit the crucial support at $57.
TON raises 8-figure sum from MEXC to make Telegram a Web3 super-app
The Open Network (TON), a decentralized blockchain platform originally designed by Telegram, has secured major funding from the venture arm of the cryptocurrency exchange MEXC.
TON has raised an eight-figure investment from MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, the firm announced on Oct. 4. In conjunction with funding, MEXC and the TON Foundation have entered into a strategic partnership aiming to promote global Web3 accessibility by lowering the barriers of entry.
As part of the deal, MEXC crypto exchange will provide marketing services and promotion for the TON-based projects listed on their platform. The firm is also set to launch a TON collateral lending service and eliminate trading fees for the TON token. “The previous cost was the same for most cryptocurrencies on their exchange,” TON Foundation’s director of growth Justin Hyun told Cointelegraph.
Additionally, MEXC Ventures will continue funding TON-based mini apps in addition to ongoing support of TON-based projects like the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee and Sonet. MEXC and the TON foundation are also discussing potential funding for Wallet on Telegram, Hyun said in a statement to Cointelegraph.
With the support of MEXC Ventures, TON Foundation aims to increase the adoption of the Web3 ecosystem within the Telegram messenger, Hyun said. He stated:
“The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain. With TON on Telegram, crypto becomes as easy as texting.”
Telegram founder Pavel Durov has repeatedly pointed out the role of the TON blockchain in the potential Web3 journey of Telegram. In mid-September, Telegram integrated the TON Wallet as a mini-app, allowing users to access coins like TON (TON), Bitcoin (BTC) and Tether (USDT) directly from the app’s interface. Durov emphasized that the TON tech has been developed by the open source community rather than Telegram, also stressing that TON wallet is a third-party app.
Telegram was forced to terminate its involvement in the TON development in 2020 following a legal battle with securities regulators in the United States.
TON’s investor, MEXC Ventures, is a subsidiary of the centralized cryptocurrency exchange MEXC, founded in 2018 and registered in Seychelles, according to data from major crypto aggregators like CoinGecko and CoinMarketCap.
Related: Google and Goldman Sachs-backed AI firm AlphaSense raises $150M at $2.5B valuation
Some people in the crypto community have reported facing certain issues with MEXC, warning users about the risks or using a non-KYC exchange.
I highly suspect that @MEXC_Global is market making themselves in their own exchange. If you manage to be profitable on their exchange (take money off their mm)they will ban you and use every reason under the sun to keep your funds. Stay away from this exchange @MEXC_CEO
— glimmery (@Glimmerycoin) April 29, 2023
Trading nearly $600 million daily, MEX claims to hold licenses in Australia, Estonia and the United States, and claims to serve users in 200 countries.
Magazine: Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E
Major Players Eye Bitcoin ETFs: What it Means for Crypto Investors?
Bitcoin ETFs (Exchange-Traded Funds) have been a hot topic in the crypto world, but why do they matter, and what impact can they have on the market? Popular analyst Lark Davis took to his YouTube channel and explained the importance of Bitcoin ETFs.
The SEC (U.S. Securities and Exchange Commission) evaluates Bitcoin ETF applications. Recent legal battles like Grayscale’s victory have pushed the SEC to reconsider its stance. This could lead to the approval of Bitcoin spot ETFs, providing an alternative to Bitcoin futures contracts.
The SEC has said no to many Bitcoin ETF applications due to concerns about Bitcoin’s price fluctuations, trading liquidity, and potential manipulation. However, recent approvals of Bitcoin ETFs based on futures, like those from VanEck and ProShares, and the Grayscale case suggest the SEC might be warming up to the idea.
Lark Davis pointed out the implications of the ETFs and highlighted their significance in cryptocurrency.
Big Players Entering the Game
Several major players in the financial world are vying to introduce Bitcoin ETFs. Institutions like BlackRock, with $10 trillion in assets under management, Fidelity managing $4.5 trillion, and Franklin Templeton overseeing $1.5 trillion, are all looking to get in on the action. These giants collectively manage an astronomical $17.7 trillion, a fraction of which flowing into Bitcoin would be game-changing.
Tax Benefits and Accessibility
Bitcoin ETFs offer tax advantages, making them appealing for investors to include in their retirement accounts. This accessibility appeals to those who want exposure to Bitcoin without the complexities of self-custody. It broadens the market to a broader audience who may not want to use cryptocurrency exchanges.
Liquidity Boost and Inclusion in Other ETFs
The introduction of Bitcoin ETFs would inject significant liquidity into the market. Projections suggest they could bring in up to $30 billion in new demand, potentially driving up Bitcoin prices. Additionally, these ETFs could be included in other ETF products, further boosting demand.
An on-the-ground report – Cointelegraph Magazine
In Cuba’s capital, Havana, a Bitcoin community has emerged from an economically antagonistic environment.
“Satoshi didn’t create Bitcoin for Cubans, but it really comes in handy for us,” Forte, co-founder of the aptly named local Bitcoin organization Cuba Bitcoin, tells Magazine.
Cubans are turning to Bitcoin because their money is increasingly worthless. Zimbabwe, Venezuela and Lebanon often compete for media coverage about runaway inflation levels, but the Cuban peso is not far behind.
The Cuban peso has devalued so much over the last few years that carrying bags of cash is increasingly common among the rich and the poor.
In practice, even if someone bought Bitcoin at the top of the 2021 bull run at $69,000, their money is worth much less in Cuban pesos. Whereas Bitcoin dropped 80% to its bear market low, it has since recovered 100%, and the peso has devalued by 90%.
The realization that someone should swap local currency for the Bitcoin top, knowing that it will crash and they’ll still retain more purchasing power, is one of the many financial wake-up calls received while working on Cointelegraph’s new documentary, The Truth Behind Cuba’s Bitcoin Revolution.
In 2021, I came across the article “Inside Cuba’s Bitcoin Revolution” by Human Rights Foundation chief strategy officer Alex Gladstein, in which he explains how and why Cubans were utilizing Bitcoin’s stateless and low-fee properties to save money and escape financial oppression.
In line with the Bitcoin mantra of Don’t trust, Verify, I went to see with my own eyes what Gladstein described.
Camera in hand with my trusty travel partner Paco de la India by my side, I network my way into the Cuba Bitcoin community, which now counts thousands of enthusiasts and advocates.
La Cultura Cubana
Following one of the largest financial conferences in the world, Bitcoin Miami, in arguably the world’s most capitalist arena, the United States of America, I hop across the Caribbean to Cuba, one of the few extant socialist states. The contrast hits me harder than the Cuban tropical heat.
From the moment I landed at Havana Jose Marti International Airport, I noticed some funny quirks: doors open manually (forget automatic sensors), check-in and immigration are done on pen and paper, and the taxis are 1950s Chevrolets.
It’s common to describe visiting Cuba as a time warp. It’s not hyperbole; Cuba cannot access world markets, financial institutions or trade. The United States has subjected Cuba to a trade embargo — the longest in modern history — since the island nation nationalized U.S. oil refineries in 1960.
As a result, Cuban industry, economic output and commerce lag far behind the modern world.
The embargo, coupled with more than half a century of communism, has resulted in a highly educated, extraordinarily literate but desperately poor and hungry population, many of whom possess a heartbreaking desire to leave the island, or in Spanish, to find a “salida” — an exit.
Why stay in a country where a taxi driver earns more than an atomic engineer — and the emaciated engineer struggles to feed their family?
Adopting Bitcoin
In such an environment, it’s a wonder why Cubas don’t flock to Bitcoin as money that exists outside of state control. However, many Cubans are learning about and slowly turning to Bitcoin.
Catrya, one of the main characters in Cointelegraph’s new documentary and one of the founders of Cuba Bitcoin, explains that there could be around 5,000 Bitcoiners in Cuba, and if you include crypto enthusiasts generally, the number is higher still.
Cubans do not have easy on-ramps into crypto. Firstly, those with internet connections cannot sign up for Binance, Coinbase or Gemini due to their nationality. For Cuban Americans on the island, Cuba’s government restricts access to American websites. Cubans buy Bitcoin peer-to-peer through Telegram or WhatsApp groups and at in-person meetups.
What amazes me is the tiny amounts of money Cubans put aside to save money or “stack sats.” Saving 1,000 satoshis (less than $1 a week) is meaningful to a Cuban on $40 monthly. The Cuban peso may not be here in 10 years, but Bitcoin certainly will be.
The peer-to-peer process is straightforward, but it’s not beginner-friendly, and these hurdles can hamper adoption — although they do have a silver lining, as Catrya explains:
“Since we’re denied [access to exchanges] by default for being Cuban, we can never do KYC [Know Your Customer], so that’s a good thing for us, at least in terms of privacy.”
Buying Bitcoin peer-to-peer and storing Bitcoin by taking ownership of the private keys is safer. Customers who trusted custodians such as FTX, BlockFi, Celsius and Vauld with their crypto were wiped out. Cubans don’t have that option, and while it takes longer, it’s more secure.
Erich Garcia Cruz, the founder of QvaPay and BitRemesas — a currency remitter using Bitcoin that boasts tens of thousands of Cuban users — says that the small but growing number of Bitcoin customers somewhat represents Cuba’s fledgling internet culture.
Connectivity and freedom of information
Cubans could get online in earnest from 2013. So, while the rest of the world was enjoying the iPhone 5C and 4G, a few lucky Cubans fortunate to access a computer could get online that year, albeit with an awful internet connection.
Now, Cubans can access 3G and sometimes 4G connectivity on their phones. The tech-savvy and younger Cubans use VPNs to circumnavigate online restrictions.
Generally, the lag in internet infrastructure combined with the cost and difficulty of buying a smartphone on a frighteningly low salary means Cuba is way behind in IT.
In 2021, the World Bank reported that three-quarters of Cuba has access to the internet. But while the issue is improving, internet censorship is rife, and Cubans are repeatedly told to trust the government through state-sponsored TV, newspapers and media.
Independent media publications are classified as “enemy propaganda,” which is something I was made aware of a few times during my investigation. I won’t share those stories here, but it’s safe to say reciting such stories would’ve landed me in trouble had I stayed in Cuba.
Two exiled Cuban journalists have since advised me to avoid returning to the island for some time, especially if the Cointelegraph documentary gets a lot of attention.
A funny caveat to the state-run media is that some Cubans were orange-pilled by Bitcoin proponent Max Keiser. His appearances on the Russia Today news channel were approved for broadcast in Cuba. Some of Catrya’s peers watched the show where Keiser bashes fiat currencies and promotes Bitcoin.
And yet, Bitcoin is magic internet money; it lives on the web. If Cubans aren’t online — or watching Russia Today — how can they know about it?
Orange pill Cuba
Bitalion, one of the Cuba Bitcoin founders, works in telecommunications for the government. He explains that as a privileged public sector worker, he benefits from better internet connection speeds and lower online censorship levels.
Bitalion stumbled across the Bitcoin white paper in 2014 and became infatuated with the idea of an independent, borderless currency. He rhetorically poses the question: For those fortunate Cubans who are able to travel abroad, what can they bring to the new country? The peso in their pocket, or Bitcoin in a mobile wallet?
As with the other Bitcoin advocates on the island, Bitalion volunteers his time to educate people and support Bitcoin adoption. He’s also one of the handful of Cubans running a Bitcoin node. At Cuba’s first-ever Bitcoin-only meetup, he demonstrates to dozens of Cubans how to pay for goods and services directly to his Lightning Network node.
Cruz, Forte and countless business owners explain that Bitcoin is an easy “orange pill” to swallow, particularly for the digitally capable Cubans. You merely explain to them that nobody controls it; it’s stateless money.
At face value, Bitcoin is a useful tool for a country that has been financially and economically handicapped for generations. But for Forte, Catrya and Bitalion, the ideology of Bitcoin resonates strongly.
Forte jokes, “Satoshi didn’t create Bitcoin for Cubans, but it really comes in handy for us.”
In the hope of encouraging more Cubans to explore Bitcoin, the trio and the Cuba Bitcoin community host monthly educational meetups in which they explain the principles of Bitcoin and delve into its philosophy.
They recently introduced the popular Mi Primer Bitcoin (My First Bitcoin) program in the country, which is already picking up speed in El Salvador and will soon be instructed in schools nationwide.
Por qué aceptas Bitcoin? Why do you accept Bitcoin?
QvaPay’s Cruz explains that Bitcoin is the financial tool that allows the small but growing number of Cuban business owners to access foreign products.
Recent U.S. presidential administrations had fluctuating policies on the Cuban embargo, relaxing and tightening different aspects based on political expediency.
Cruz orange-pills suppliers in an attempt to open up the Cuban economy to international markets where possible:
“You are accepting Bitcoin because you’re dealing with a private [independent] coin. The government doesn’t have access to the transactions you and you have the freedom to do whatever you want.”
The term “freedom,” or “libertad,” popped up frequently as I mingled and met with Cuban Bitcoiners, crypto enthusiasts and entrepreneurs. The fact that citizens can hold money in a wallet, outside of government overreach, appealed to many Cubans whom the government has consistently let down.
The ability to store wealth on a mobile phone in a Bitcoin Lightning wallet instead of in pesos at a bank is also an efficiency gain. It means no more queues at banks to cash in money that could devalue by a few pesos over a bank holiday weekend.
Cruz and three other business owners also share that accepting Bitcoin benefits holidaymakers. Adan, a nightclub, bar and restaurant owner, explains that tourists bring a lot of cash to Cuba for vacation — and that’s risky.
Having Bitcoin on a mobile phone in a wallet is a safer way to travel than flashing wads of dollar bills that end up on the black market in Cuba, inadvertently supporting the illicit and sometimes dangerous black market activity of exchanging notes in public.
Adan accepts Bitcoin because of the international branding the Bitcoin logo brings. It opens up his bars’ doors to another potential market. Similar to El Salvador, where Bitcoin tourism has become a trend, bars and restaurants in Cuba could also attract holidaymakers to spend satoshis instead of pesos at the till.
Finally, there are myriad ways in which adopting Bitcoin can lead to positive and unexpected outcomes. Mister Navi’s bar and restaurant, run by Mr. Navi and his son Julian, recently began accepting Bitcoin. Following a conversation with Forte, Catrya and Bitalion, the Cuba Bitcoin group now hosts educational Bitcoin meetups at the venue.
I tipped one of the service staff in Bitcoin at Mr. Navi’s the first day we visited. Five days later, I saw her again when we went out for dinner with Mr. Navi and Julian. She seems different — I ask her if she is OK. She confesses that she was mugged a few days ago, and the attacker stole her purse, cash and phone.
To her surprise, when she downloaded the Bitcoin Lightning app where I’d tipped her, the funds magically reappeared on her new phone. On seeing her wide-eyed reaction, I tipped her again.
It’s clear that, for Cubans, Bitcoin could represent a critical instrument for securing their financial future in the face of runaway inflation and government interference, or as a way of opening up to embargoed markets and the international financial world.
Disclaimer: The views, opinions and perspectives expressed in this article are those of the author and are not necessarily those of Cointelegraph.
