Devaluation of Malaysia’s Ringgit Drives Future Bitcoin Adoption

The decline in value of national currencies is fueling further Bitcoin adoption. Malaysia’s Ringgit has hit an 18-year low against the US Dollar, as Bitcoin trading in the country continues to skyrocket. Malaysia joins a growing list of countries which saw their national currency decline rapidly in 2016, and it looks like 2017 will bring more of the same.

A Very Bad Year For The Ringgit

Malaysia is an emerging market plenty of investors are keeping an eye on as of late. Unfortunately, the country’s national currency is also suffering from a significant devaluation. In fact, the Ringgit has lost 17% of its value against the US Dollar since April of 2016, which does not bode well for the local economy.

Things started out quite well for the Ringgit in 2016, though, as the first four months of the year showed a bullish trend. Ever since Donald Trump became one of the two Presidential candidates, however, things started to go downhill rather quickly. His official election did not calm the markets either, and only caused future losses

Fast forward to January 4, 2017 and the Malaysian Ringgit reached an 18-year

Read more ... source: LiveBitcoinNews

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