Cryptocurrencies as a geopolitical tool
Challenge to the US dollar
The dollar is the world's reserve currency. This gives the US enormous power: it can print money without devaluing like other countries would, and use the SWIFT system to impose sanctions. Cryptocurrencies, especially Bitcoin, offer an alternative that does not go through central banks or networks controlled by the US.
Real example:
Russia and Iran are exploring the use of crypto for foreign trade and to bypass sanctions.
China, although it has banned many private cryptos, is developing its digital yuan to compete with the dollar in international trade.
New power centers
Countries that adopt cryptos early may attract foreign investment, technological talent, and financial independence. This weakens traditional Western financial dominance.
In the case of developing countries: Benefited or exploited?
Positive potential:
Financial inclusion: In places where banks do not reach, a crypto wallet on a mobile phone can be enough to access payments, savings, and even credit.
Cheap remittances: Many countries rely on remittances. With crypto, transfers are cheaper and faster (without Western Union).
Stability against inflation: In hyperinflationary economies like Venezuela or Argentina, stablecoins like USDT are used to preserve value.
Real example:
El Salvador adopted Bitcoin as legal tender. Although controversial, it has attracted crypto tourism and foreign investment.
But there are also risks:
Volatility: A poor country cannot afford to have its economy depend on an asset that can lose 30% of its value in days.
Low financial education: In many places, people do not understand well how crypto works, which opens the door to scams.
Foreign intervention 2.0: While they escape from central banks like the Fed, many crypto companies are still American.
So can they save the global economy?
Maybe not 'save', but redesign the rules of the game. If developing countries manage to leverage the potential of cryptocurrencies with education, technological sovereignty, and smart regulation, they could break free from the cycle of dependence on the IMF, dollar debt, and local inflation.
