Bitcoin Gains Traction in Cuba as Inflation Erodes Purchasing Power

Runaway inflation in Cuba means citizens are turning to Bitcoin to preserve their purchasing power. Carrying bags of increasingly worthless cash is common.

A Bitcoin community has emerged in Cuba's capital Havana, with thousands of enthusiasts. Cubans buy Bitcoin peer-to-peer due to restrictions accessing exchanges.

Bitcoin represents financial freedom and privacy for Cubans compared to state-controlled traditional finance. Ideologically, Bitcoin resonates with advocates.

More Cuban businesses are accepting Bitcoin, benefiting from exposure to foreign markets and tourism. Customers can avoid risky cash transactions.

Despite poor internet access, some digitally-savvy Cubans see Bitcoin's potential. Groups are working to educate wider public on Bitcoin principles.