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I am very interested in the fact that cryptos seem to have a pegged exchange value similar to the Bretton woods system. All alt coins seem to be pegged to bitcoin which acts like a gold commodity whereas the 'petro' is also pegged to commodities of scarcity like petroleum, diamonds, and gold. However, for countries like Venezuela and even the world this poses severe limitations in adding monetary tools to counteract slow economic growth. This is the problem I find with crypto. It is essentially Bretton woods 2.0 for the digital world, and that has significant risk and limitations. Mind you, I think crypto is valuable, but It could never reach the market share of fiat currencies particularly because of these monetary limitations. Inflation and interest rates are absolutely needed when accruing debt and encouraging spending.
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://futureblock.io/2017/12/24/venezuelan-president-announces-superintendence-of-its-oil-backed-cryptocurrency-petro/
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