Fed Hikes Could Drive Bitcoin Adoption in Emerging Markets

“One tool emerging markets have used when trying to defend a devaluing currency (or maintain a peg) is to restrict convertibility. The “capital controls” are designed to limit conversion from the emerging market currency to USD. Broadly speaking, these restrictions are not very effective,” Bryan Routledge, associate professor of finance at the Tepper School of Business, Carnegie Mellon, “Presumably, crypto gives one more channel for people to get around capital controls.”