Erich Garcia Cruz: Cuba Is a Growing Bitcoin Hotspot

Live Bitcoin News
Live Bitcoin News August 24, 2020
Updated 2020/08/24 at 9:43 AM
4 Min Read

Influencers are emerging left and right, and for one Cuban citizen – Erich Garcia Cruz – bitcoin presented a valid opportunity to become part of the growing influencer community.

Cruz: Bitcoin Use in Cuba Is Growing

Cuba is widely considered to be a land of limited means. Given that it’s a socialist and communist nation, opportunities are relatively limited for many normal or average people, but Cruz isn’t allowing this to get in the way. He commented in a recent interview that the bitcoin space in Cuba is growing like crazy. Given the economic circumstances the country is facing both from the coronavirus and from the lagging socialist economy, bitcoin is becoming the answer for many people who are looking to survive each day.

As an influencer on YouTube, Cruz explained:

We do not have access to Visa cards or Mastercard products because of the [U.S. trade embargo]. We are monetized through YouTube.

Bitcoin has been a viable solution for him as his career with the video-streaming site has grown. Many times, he has converted bitcoin payments into regular fiat currency that he then uses to pay for groceries, pay his rent and take care of himself. He comments that while bitcoin is still widely used by programmers and people who work in technical fields, content creators are consistently turning to bitcoin as of late and see it as a potential tool to ensure their financial security in the coming years.

First joining the YouTube community in late 2019, he didn’t start utilizing bitcoin until July of this year, and only did so because so many of his friends were giving him the same advice about it. He eventually gave in and decided to see what BTC was all about. He hasn’t looked back since and says he doesn’t think he’ll ever turn away from digital currency.

He comments that in many ways, over the past several months, bitcoin and crypto have become not so much financial tools or forms of money. Rather, they’ve become ways of life. He states:

Thousands of Cubans buy cards at Bitrefill to consume those digital services by paying with cryptocurrencies. There is no other way.

While bitcoin use on the small island nation may be growing, it’s hard to say just how many of the country’s residents are turning to the asset for their financial needs. Claudia Rodriguez – who moved from Cuba to Brazil not too long – runs a crypto exchange that she says has served approximately 7,000 individual Cuba-based customers since last November. However, the exchange can now no longer do business within the country due to growing legal restraints.

How Many Traders Are There?

She explains:

Due to the economic crisis caused by the pandemic and the new restrictions in Cuba, cryptocurrencies can be an efficient solution. It is a shame that we cannot continue to support the community at this time.

The post Erich Garcia Cruz: Cuba Is a Growing Bitcoin Hotspot appeared first on Live Bitcoin News.

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