Re:Bitcoin is 'a giant pyramid scheme,' says Pinboard founde...
by notahacker on Friday May 21, 2021 @10:49AM
(#27234721)
You get a massive return in local currency from holding onto virtually any asset other than local currency or local currency denominated debt if your own currency has hyperinflation.
People overseas want dollars because dollars are extremely easy to transact with and many companies [especially outside their country] accept only dollars, not because a price graph and a tweet from Elon Musk have convinced them that dollars will be even more popular next year. The actual mechanism that ensures many of these companies will continue to accept dollars next year is financial obligation, not hype.
And you get a massive return for investing in dollars, if your own currency has say hyper-inflation.
"I exchange my local currency for a USD and in a year when I want to buy something I can exchange it back for twice as much local of currency"
Not massively different to investing in BTC today, in the hope that you can convert it back for more of your local currency when you want to spend it.