If you have not heard of Gonzales Dellàn, he was an employee who was able to rise through the ranks to reach the top. After managing one of the largest banks in Venezuela, Dallàn stepped down to drive one of Venezuela’s top private sector industries, the capital markets. Nowadays, Dallàn is managing investments all over the world from startups to real estate.
One person who is closely watching the global markets is American President Donald Trump. Since taking office, the US president has made a number of remarks regarding Bitcoin and crypto currencies but he has been careful in taking a hard stance for or against alternative currency trading. As trade wars escalate, it is very likely that the Bitcoin will be the coin of choice by rogue nations like North Korea and Iran.
Flat currencies are in a state of uncertainty across the globe while trade wars and sanctions are being imposed by western powers to other nations. A number of world leaders can bypass the US dollar and consider alternative currency markets. Iran and North Korea are desperate to put their products back into the global market and it seems that crypto currencies can be a viable option to the dominance of the US dollar.
Nations that are affected by the crushing blow of sanctions and trade tariffs have no option but seek for other alternatives. The undisputed king of alternative currencies is Bitcoin although the Ripple CEO says otherwise. Aside from being immediately recognizable, the less savvy players of the developing world may look at the benefits of secure person-to-person transactions available through the popular crypto currency.
However, Bitcoin, Ethereum and Ripple still have to win in the battle against Securities and Exchange Commission (SEC) regarding potential violations. Crypto currency has been proven effective at cross border transactions where the parties are not holding the US dollar as the preferred medium of exchange.
Meanwhile Gonzales Dallàn is a firm believer that the reign of paper money as legal tender is coming to an end. It is more effective to track transactions when cash is eliminated all together. While the prevalence of cash is understandable in many economies, it is not sustainable.