The two faces of cryptocurrencies: investments and aid to minorities

Foto: Pexels

Of all the platforms that currently exist for the management of cryptocurrencies, Spain already has its own. And it is not that the Hispanic country has created its own virtual currency or its own application.

It turns out that Bit2Me has become the first cryptocurrency platform recognized by the Spanish Central Bank. This means that from now on Bit2Me becomes a legal service provider for exchanging cryptocurrencies for fiat money (i.e. as financial support, but not as an exchange for cash). In addition, it also offers electronic wallet custody services.

This advance in the recognition of virtual currencies is a challenge that different countries around the world are gradually assuming due to the popularity that this type of online currency is acquiring.

marketing about cryptocurrencies
Source: Bit2Me News

Bitcoin was the first to arrive and Ripple, Dash or Monero have joined it, all virtual currencies that emerged within the virtual world and with expectations to become the possible money of the future.

We could say that all these cryptocurrencies are one of the many products and services within the new internet universe: the metaverse. Although this is defined more as the virtual universe that is perceived through new technologies, such as virtual reality glasses, state-of-the-art controls, augmented reality items, etc.

In short, the metaverse is becoming a digital space where you can socialize, play, learn, and even do business. Although this type of tool is not necessary to buy and invest in virtual currencies, it is true that these are only available within a parallel reality, since they cannot be used to carry out everyday purchases such as going to the supermarket or any clothing store. Hence the relationship between the metaverse and virtual currencies.

However, investments in cryptocurrencies are increasing exponentially and in turn also the investment of these in the metaverse. In the last year, we have been able to observe how large companies make their investments within this universe by acquiring virtual land.

A money
Source: encolombia

The vast majority of these purchases are made with cryptocurrencies, as it is the only money accepted within the metaverse. In fact, there are many countries that are beginning to invest public money, and thus increase their national reserves, in bitcoins and other currencies. For example, Argentina is one of the most important powers in Latam in owning large digital assets through these currencies.

In this sense, land purchases are made within virtual worlds that are in turn within the metaverse. That is, for example, the video games world. Recently, the Metaverse Group invested almost 2.5 million dollars to acquire land within the virtual reality platform Decentraland. Likewise, the Republic Realm company also spent more than 900 thousand dollars to buy just one plot of land within the same universe.

However, cryptocurrencies not only act as financial and investment products, but also carry a social part that few have realized. And it is that these virtual currencies are proving to be of great help for all those people who are outside the financial market of the banks.

Many minority groups are still so discriminated against that it is difficult for them to access the social economic system due to their work situations.

A paint in the forest
Source: Ripio launchpad

Cryptocurrencies and minorities

One of the latest surveys conducted by the American company Harris Poll indicates that 25% of LGBT+ people surveyed in the United States have some investment in the world of cryptocurrencies. However, only 13% of the heteronormative population claims to be a user of them.

Similarly, the Hispanics and black population residing in the North American country represent 23% and 17% of the total investments of virtual currencies, respectively. These data are not coincidental and reveal all the rejection that minorities suffer within market systems. And the respective difficulties to find work, to open bank accounts, employment discrimination…

Although cryptocurrencies are beginning to gain strength in the financial world, special care must be taken with investments. Just like on a stock market, virtual currencies also fluctuate and global geopolitical events also affect their prices.

Thus, for example, today, bitcoin and all other cryptocurrencies have suffered a great fall as a result of the beginning of the Russian military attacks in Ukraine.

The Spanish Ibex 35, the New York Stock Exchange and the rest of the world stock markets have also collapsed. We will have to wait for the following events, always bearing in mind the current health crisis and, for now, let the cryptocurrencies return to their normal levels.

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