Cryptocurrency
The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report
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.
Cryptocurrency
The Open Platform is the first unicorn in Web3 ecosystem in Telegram at $1bn valuation
[PRESS RELEASE – Dubai, United Arab Emirates, July 3rd, 2025]
The Open Platform raises $28.5M in Series A equity funding round, showcasing investor confidence in TON’s ecosystem
- The equity round was led by Ribbit Capital, a leading fintech and crypto investor, with Pantera Capital also participating.
- The investment underscores strong confidence in The Open Platform’s continued development of the blockchain ecosystem in Telegram, being built on TON.
- The involvement of prominent investors and the raised capital will support the launch of TOP’s portfolio companies across the U.S., EU, and other key regions.
The Open Platform, the leading tech company developing TON-based innovations in Telegram, has announced the completion of its Series A and subsequent extension funding rounds, reaching a $1 billion valuation and becoming the first unicorn in the TON-based ecosystem in Telegram.
The Open Platform raised $28.5 million in an extended Series A funding round, led by Ribbit Capital, with Pantera Capital also participating. Including this latest raise and previous seed investments, The Open Platform has now secured over $70 million in total funding. These investments demonstrate the confidence that leading investors have in The Open Platform’s ability to spearhead the growth of the blockchain ecosystem in Telegram. This ecosystem is being built on TON Blockchain – a fully decentralized and highly scalable blockchain that is the exclusive blockchain partner of Telegram Messenger.
The current strategic focus of The Open Platform centers on geographical expansion. The involvement of prominent investors, along with the newly raised capital, will support the launch of TOP’s portfolio companies across the U.S., EU, and other key regions — in alignment with TON Foundation’s global vision. This expansion will involve significant investment in go-to-market strategies, regulatory licensing, compliance infrastructure, and security enhancements, all aimed at ensuring sustainable growth and long-term success in these new jurisdictions.
Andrew Rogozov, CEO and Founder of The Open Platform, said, “This investment supports our long-term strategy to scale the adoption of blockchain-based products by leveraging the power of Telegram as a distribution channel. By combining TON Blockchain with Telegram’s global reach, we’re building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto.”
The Open Platform is driving the growth of the TON-based ecosystem within Telegram, building both core infrastructure and consumer-facing apps across finance, gaming, and entertainment. Products that The Open Platform has powered include Wallet in Telegram, a digital asset solution seamlessly embedded into Telegram’s interface; Tonkeeper, TON’s leading non-custodial crypto wallet; STON.fi, the leading swap dApp on TON and the developer of a liquidity aggregation protocol, Omniston; Getgems, TON’s foremost NFT marketplace; Tribute, a monetization platform for creators in Telegram; and Notcoin, a viral Tap-to-Earn game, along with many more products.
By integrating blockchain technology into everyday digital experience, The Open Platform is creating a seamless, scalable platform designed for a billion users, accelerating the mainstream adoption of crypto — expanding global access to financial services, and enabling a new generation of builders and developers to build the next wave of consumer dApps.
This latest investment from Ribbit Capital, which has previously provided early-stage investment to Coinbase, Nubank, and Revolut, amongst many others, and Pantera Capital, is a testament to the potential these investors see in the integration of blockchain technology into a messenger application with over a billion users.
Micky Malka, Founder of Ribbit Capital, said, “We back teams that reimagine how the world experiences money and technology. The Open Platform’s vision of building an intuitive and open platform that enables a robust digital ecosystem to form within Telegram — a platform used by hundreds of millions — opens a new frontier of opportunities for builders and users on a global scale.”
“We’re thrilled to back this exceptional team led by Andrew. The opportunity to support groundbreaking tech and financial products that reach 1 billion people is inspiring,” said Ryan Barney, Partner at Pantera Capital. ”We’re excited to collaborate with the TOP team and strengthen our commitment to TON and Telegram’s ecosystems.”
TON Blockchain has been the subject of increased institutional interest throughout this year. In March, TON Foundation announced that several leading investors, including Sequoia Capital, Ribbit Capital, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage, have acquired and now hold $400 million worth of Toncoin, signaling growing interest in the TON-based ecosystem in Telegram.
About The Open Platform:
The Open Platform (TOP) is the leading tech company developing Web3 innovations in Telegram. TOP is fueling the Telegram economy through both foundational infrastructure and consumer-facing apps. By integrating blockchain technology into day-to-day digital experience, TOP is building a seamless, scalable platform designed for a billion users — accelerating the mass adoption of crypto.
For more information, users can visit: top.co
Stay connected on: LinkedIn | X | Telegram
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TL;DR
Analysts remain bullish on XRP, with some eyeing a move to $2.65 or even $3, while others dream of a historic surge to $30.
Binance added NEWT and SAHARA to its VIP Loan program, removed several trading pairs (impacting FIO the most), and launched new staking options for SOL-related tokens.
After closing Q2 at a record $107,500, BTC hovers near $109K; while some foresee a rally toward $120K, Arthur Hayes warns of a short-term drop to $90K due to US liquidity shifts – though he stays bullish long term.
XRP Forecasts
Despite its daily decline of around 2.5%, the XRP price is up 6% on a weekly scale and remains the subject of bullish predictions.
Just a few days ago, the X user World of Charts argued that an XRP breakout and retest has already been confirmed, anticipating a pump above $3 sometime in July.
For their part, Maxi thinks the token could mirror its impressive performance from the end of 2017 and experience a 1,200% rise in a matter of days. A jump of that type would push the price to a new historic peak of around $30, which, as of the moment, seems quite unlikely.
Other popular analysts who made more realistic forecasts include Ali Martinez and Crypto Beast. The former claimed XRP could be forming an inverse head and shoulders pattern, “potentially setting the stage for a 15% breakout to $2.65.” Crypto Beast expects the price to make a 3x during the ongoing bull run.
What’s New Around Binance?
The world’s largest crypto exchange recently added Newton Protocol (NEWT) and Sahara AI (SAHARA) as new loanable assets on its VIP Loan program. Despite the support, the tokens witnessed substantial price corrections.
Additionally, Binance scrapped the following spot trading pairs: ACT/EUR, FIO/BTC, TNSR/FDUSD, and TST/FDUS. Such actions usually have a negative effect on the involved coins due to reduced liquidity, less visibility, and reputational blow. FIO took the biggest blow, plunging by 8% after the announcement.
Earlier today (July 4), Binance came up with another disclosure. It informed its users that they can stake their SOL, HODL BNSOL, sBNSOL, or bzSOL holdings and earn up to 6.5% APR, with boosted LAYER, ACE, and DYM airdrops distributed automatically.
“But that’s not all, something new is launching soon,” the exchange teased.
How’s BTC Doing?
Last but not least, we will delve into the leading cryptocurrency and explore some interesting price forecasts. Bitcoin (BTC) made history in May, reaching a new all-time high of almost $112,000. In the weeks that followed, it saw a slight pullback but still closed Q2 at around $107,500 – the highest quarterly finish in its history.
The crypto community remains quite bullish that the asset, currently trading just south of $109,000, could be on the verge of a rally toward a fresh peak. X user CRYPTOWZRD thinks a breakout above $110,500 could push the price to $120,000.
On the other hand, Arthur Hayes (co-founder of BitMEX) predicted a short-term pullback to $90,000 due to a potential liquidity drain from the US Treasury issuing new debt following Trump’s “Big Beautiful Bill.“ However, he remains a bull for the long term, viewing the possible pullback as just a temporary event.
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This Friday, we examine Ethereum, Ripple, Cardano, Solana, and Hyperliquid in greater detail.
Ethereum (ETH)
ETH closed the week with a 4% price increase and is currently sitting comfortably above $2,500. This is impressive considering that only two weeks ago it was at $2,100.
With buyers returning, optimism is increasing across the market which may finally allow it to test and break the resistance at $2,800. As long as the price is above $2,500, bulls have the advantage and higher price levels are likely.
Looking ahead, ETH shows a clear bullish bias across momentum indicators such as the MACD and RSI which are making higher lows. The only missing piece to make a breakout possible is buy volume which still lags behind and has not made higher highs yet.
Ripple (XRP)
Bulls had a good week and tested the resistance at $2.3 again. While they did not have the strength to break this level yet, the price still managed to increase by 6%.
With clear higher highs and lows, XRP is found in an uptrend which may eventually break the key resistance. If successful, the buyers may aim to initiate a rally towards $2.6 next, which is a key target as soon as $2.3 falls.
This long consolidation above $2 indicates that this cryptocurrency may experience a sharp increase in volatility as soon as it leaves its current range. The bias is bullish and a quick rally to $2.6 and beyond is likely if buy volume explodes later.
Cardano (ADA)
After a difficult period in June, ADA appears to have finally found a local bottom above 50 cents. Most recently, the price made a higher high and managed to close the week with a 5% increase. This is encouraging and may allow it to reverse its downtrend.
With buyers in control, theh altcoin has a good chance to test the resistance at 64 cents which used to act as a key support in the past. To turn the bias bullish, ADA will have to move its price above $0.64.
This cryptocurrency has a difficult road ahead since it has been making lower lows for over six months. To reverse this, buy volume has to increase significantly. A first step towards that is to reclaim $0.64.
Solana (SOL)
Solana managed to return above $150 which is a key psychological level. This allowed the price to close the week 6% higher. While this is encouraging, buyers have to keep the price above this level if they want to maintain control.
Considering the recent rally, the price action may be forming an inverted head and shoulders reversal pattern on the daily timeframe. However, to confirm it, SOL has to move above $170 and secure a higher high.
Moreover, the volume has to increase since it has been flat for months. Right now, the momentum indicators are bullish, but without increasing volume it will be hard for buyers to push this cryptocurrency higher. As long as $150 holds, bulls still have the upper hand.
Hype (HYPE)
HYPE had a good week and increased by 5%. However, the price action shows buyers are becoming exhausted. Every time it tried to reclaim and stay above $40, sellers returned to push it lower.
With weakening momentum and volume, HYPE appears to struggle right now and is not able to make higher highs. On the contrary, if the price cannot move above $40, sellers will have an opening to push it lower.
Looking ahead, HYPE could be establishing a complex local top formation that may prolong its current correction after its most recent ATH at $46. Based on this, it is unlikely for this cryptocurrency to make new price records any time soon.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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