For example, Erdogan flat out banned businesses from accepting cryptocurrency when he saw that people were putting their money in cryptos because of the inflation of the Turkish Lira.
It's not like cryptos are a stable currency, either. Question: Wouldn't it make more sense for people in develping countries to buy more stable assets or currencies, or is it not possible to that because of a lack of access?
One of the most common arguments used against Bitcoin is "it's only good in black markets." That's essentially what OP said. Do black markets not operate when Bitcoin is banned by government? Is this not the essential function cryptocurrency exists to serve? The outcome in Turkey for Bitcoin will be indicative. I have a timeline of 5-6 more years before I count it out.
Venezuela was using Bitcoin a lot when they were experiencing hyper inflation. I just Googled this again for an update and I saw that they may have dropped their former currency altogether?
I think access is a major problem here, although I haven't dug into the issue enough to know for sure.
For example, Erdogan flat out banned businesses from accepting cryptocurrency when he saw that people were putting their money in cryptos because of the inflation of the Turkish Lira.
It's not like cryptos are a stable currency, either. Question: Wouldn't it make more sense for people in develping countries to buy more stable assets or currencies, or is it not possible to that because of a lack of access?