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
PENGU and SPX6900 Prices Pump Despite Market Dip as New Meme Coin Wall Street Pepe Raises $35M
Christmas seems to have come early for Bitcoin and Ethereum bears, as both leading crypto assets have dipped over the last several days. BTC has fallen by almost -13% since December 17, while ETH has dropped by a similar amount at approximately -15%.
Most altcoins have suffered more challenging fates, with many tokens dropping by -30% or more in recent days.
However, as the saying goes, it’s time to buy when there’s blood in the streets – and this is also a key time to find strongly-performing cryptos that continue thriving, even while the market panics. PENGU (the official token of the Pudgy Penguins NFT project) and SPX6900 (a meme coin that satirises the S&P 500) are two such examples.
Both meme coins have seen strong rises on the daily charts, while another new token called Wall Street Pepe is turning heads having just hit the $35 million mark in its ongoing presale.
More Success Incoming for PENGU?
Building on the incredible global success of the Pudgy Penguins NFT collection (a crypto-native project that’s turned into a mainstream entertainment brand), the PENGU token has been subject to some controversy. As soon as the token launched on December 17, the floor price of the Pudgy Penguins NFT collection plummeted by over 50%, wiping out the huge price gains the collection had made since the early days of this month:
As the value of NFT collections is partly dependent on exclusive access to a brand, and the introduction of the PENGU token now means that anyone can invest in Pudgy Penguins at a more accessible price level, this precipitous dip is understandable.
However, the PENGU token is making significant moves in the right direction, breaking out of a descending triangle chart pattern. PENGU is up over 30% in the past 24 hours alone.
As we’ll see in the price chart below, the key resistance level for PENGU ($0.07) is approximately double the token’s current price:
This looks like the start of a potential rally for PENGU, which is already a fantastic achievement under current market conditions. Time will tell exactly where the price action goes from here, but at least PENGU holders haven’t been left out in the cold.
The $PENGU prophecy roadmap
I don’t make the rules ♂️
GCR does pic.twitter.com/3O3lttbXHB
— Lord Durden (@LordDurden) December 23, 2024
SPX6900 Also on the Up
While PENGU does its best to take off, SPX6900 is continuing to consolidate while bullish signals begin to emerge. The token is up over 20% in the past 24 hours, but the big picture is best indicated by the chart below:
Symmetrical triangle chart patterns are usually considered ambiguous rather than bullish – but in this instance, we can see a recent deviation below the green diagonal support line. This indicates a bullish resurgence, which catapulted the price into its biggest pump since late November.
Buy and Hold #SPX6900
It still has 200x in the tank
Yes I am serious
Put 3-5% of your portfolio in it and Hold for 1 Year
Will outperform 99% of your gambles with Way less Stress
Thank me later pic.twitter.com/1hvMYOUKVe
— Murad (@MustStopMurad) November 27, 2024
Since that deviation point, the SPX6900 price has remained volatile, undergoing yet another dip, followed by another pump. This is definitely not a token for the faint of heart, but many investors and traders will still find it preferable to the bearish price action currently afflicting most of the crypto market. $1 remains the most vital resistance point for SPX6900 investors to target – and if we zoom into a lower time frame, we’ll find another interesting insight:
Even on the one-hour chart, SPX6900 has formed another symmetrical triangle that indicates bullish strength. The price is also consolidating below a potential breakout level – and the current chart pattern has a deadline to resolve itself by exactly the point where 2024 ends and 2025 begins, right down to the hour of midnight.
While SPX6900 remains volatile, an interesting meme coin presale has emerged in recent weeks that some investors have been quick to pour into.
Wall Street Pepe Presale Hits $35M – Next Breakout Meme Coin?
While so many crypto traders and investors have been struggling against the market in the past couple of weeks, Wall Street Pepe ($WEPE) has been breaking records. Its recently launched presale has hit $35m in around just 3 weeks, making it one of the fastest-growing ICOs right now.
This unique new meme coin project will give token holders access to special trading insights, strategies, and alpha calls that could increase their chances of making better investment and trading decisions.
By joining the WEPE community, everyday traders – usually considered the “fish” at the mercy of large whales and major institutions – can become empowered and equipped with everything they need to get ahead and win.
Token holders will also be able to enter weekly trading competitions, join the WEPE Army (a private group of insiders), and stake their WEPE tokens to generate passive income with impressive APY rates (currently 37%).
Frog meme coin projects like Pepe and Turbo have already achieved explosive success, and many investors seem to believe WEPE might be next.
Visit Wall Street Pepe Presale
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
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Litecoin has had an impressive rally this year, surging by almost 50%. The latest market crash, however, briefly dragged the altcoin below $87. The selling pressure has since subsided as Litecoin currently trades above $107.
Underpinning its price trajectory is the strong network growth.
Litecoin Network Engagement Soars
Litecoin’s network activity has witnessed a notable surge. In fact, data compiled by IntoTheBlock revealed that the average daily active addresses rose to 401,000 compared to 366,000 in 2023. Meanwhile, network activity peaked in early January, reaching an impressive 1.37 million active addresses in a single day – surpassing the daily activity of both Bitcoin and Ethereum at the time.
This spike demonstrated the protocol’s growing utility and user engagement amidst a bull season in the crypto industry.
Litecoin has also exhibited long-term investor confidence, as evidenced by data revealing that 53.9% of all LTC ever mined has been held without moving for more than a year, indicating that a large portion of its supply remains off the market.
Furthermore, 85.8% of all LTC has been held for over a month which highlighted a preference for sustained ownership among investors. The average hold time per LTC stands at 2.4 years, suggesting that many holders are not only committed but also view it as a long-term investment.
What’s Next For Litecoin?
One crypto analyst predicted that Litecoin could break its previously established ATH and reach $500 in the ongoing bull market.
While acknowledging that its growth trajectory may appear slow compared to other crypto assets, he highlighted its strong fundamentals and historical resilience as key drivers for upward momentum
Another one drew comparisons between Litecoin’s current market behavior and its performance during the 2017 bull run and suggested that history could be on the brink of repeating itself. The cryptocurrency appears to be showing promising signs of breaking out from its ongoing consolidation phase, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators signaling bullish momentum.
These technical signals indicate that the crypto asset could be gearing up for a surge, positioning it as a potential “dark horse” in the next crypto rally.
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Cryptocurrency
Altcoins Pumping With Bitget, Hedera Among Top Gainers as Best Wallet Raises $5.5M in Token ICO
The broader crypto market is slightly recovering after its market cap dropped from $3.77 trillion to $3.13 trillion between December 17th and 20th.
Today, the crypto market cap stands at $3.31 trillion, but Hedera (HBAR) and Bitget (BGB) are some of the few tokens that stand out in a sea of red. Both are up over 20% in the last day.
However, established coins lack the explosive potential of tokens that are gearing up for launch, and Best Token (BEST) is grabbing attention as its presale gains momentum. With over $5.5 million raised and a unique role in Best Wallet’s ecosystem, it stands a solid shot at making significant gains on launch.
Bitget Secures a Strategic Partnership With TRON, Hedera Seeks to Transform Consumer Engagement
Bitget is already a top-tier exchange with a customer base of more than 45 million users and a daily volume that exceeds $10 billion. Its native token, BGB, is now recording new highs following a strategic partnership with TRON, which revolves around TRON’s meme coin launchpad, SunPump.
The partnership will see Bitget’s support for projects launched on SunPump, such as expedited listings and post-listing marketing, which can increase the visibility of these coins and allow Bitget’s users to invest in them.
The news led to an explosion in BGB’s price, which had a rough week that saw it plummet from $4.87 to $3.66 amidst the market-wide downturn. Today, BGB reached a new ATH at $4.97, and its technical indicators signal it could keep the momentum.
BGB is up 22% in the past day and over 214% in the last month.
With its 50-day Simple Moving Average (SMA) at $2.09 and 200-day SMA at $1.31, Bitget seems ready to make further short-term gains.
We have partnered with SunPump @sunpumpmeme, the memecoin fair launch and trading platform on the TRON network @trondao.
The collaboration aims to foster a plethora of opportunities for groundbreaking projects and community-centric initiatives.
Detailhttps://t.co/om4KdEbe4w
— Bitget (@bitgetglobal) December 20, 2024
HBAR was one of the few altcoins that missed the market-wide rally in November following the US Election Day, but it saw its price skyrocket in early December when it reached a one-year high at $0.3891.
Although its price dropped since, entering this week at $0.2898, HBAR is now priced at $0.3112, following a presentation by Xiang Xu, Mondelez’s leader for digital strategy and blockchain, which outlined the company’s goal to leverage Hedera as they take a step toward a digital transformation.
HBAR is now up 131% over the past month.
Mondelez Internation is a company that owns brands like Oreo, Cadbury, and Tang and is a member of the Hedera Council.
Xiang Xu, Global COE Leader, Digital Strategy Blockchain @MDLZ explores the motivations behind Mondelēz joining the Hedera Council and how they are leveraging #Hedera to transform consumer engagement and build decentralized solutions for tomorrow’s digital economy. #HelloFuture pic.twitter.com/5AhlxyF0eZ
— Hedera (@hedera) December 23, 2024
HBAR’s sudden soar that defies the bearish market can be attributed to its increased visibility following the interview, which is likely drawing retail investors to the ambitious project.
Best Wallet Token a Smart Play for 2025 Altcoin Season?
As BGB soars, another platform utility token that’s catching eyes is BEST token, the native coin for Best Wallet.
Best Wallet is a rapidly growing Web3 wallet that’s leveraging its cutting-edge security and interesting features to achieve its goal of capturing 40% of the non-custodial wallet market by the end of 2026. The wallet already has over 100,000 monthly users despite being relatively new, and has now launched its BEST token presale and already raised over $5.5 million.
Join the $BEST Token Presale!
Stack your $BEST today and lock in the lowest price before it’s gone. Available now on our official website and Best Wallet app.
Every moment counts – don’t miss out!
Download now! https://t.co/AALEwrMCmn pic.twitter.com/975cKh0jLr
— Best Wallet (@BestWalletHQ) November 25, 2024
Currently, the wallet lets its users swap tokens across 50+ chains using its Best DEX feature, access presales in their early stages with Upcoming Tokens, use multiple wallets, and more. The project’s roadmap reveals Best Wallet’s intentions to add derivatives trading, a crypto debit card, an NFT library, a staking aggregator, and numerous other features as it expands.
Those holding BEST will enjoy various benefits, including lower transaction fees on Best DEX and Best Card, and exclusive alpha access to upcoming presales/
To maximize their returns, investors can earn additional BEST by staking their tokens and participating in Best Wallet’s airdrop campaign. The project’s staking APY currently stands at 405%, and participating in the airdrop campaign requires investors to interact with Best Wallet’s X (Twitter) page and complete daily and seasonal quests.
According to an audit by Coinsult, there are no critical threats to investor funds, and with 10% of its total token supply allocated to liquidity, BEST is reducing the risk of market manipulation, fostering a safe trading environment.
Investors don’t have long to secure BEST at its current price of $0.23325, as it is scheduled to increase tomorrow.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
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