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How Bitcoin Is Undermining Socialism in Latin America

Rodrigo Souza on why technology is the clearest path to freedom.

"People are driven by their self-interest [which is why] they're always going to use the best tool [at their disposal]," says bitcoin entrepreneur Rodrigo Souza. "And that's why I think technology is going to drive us to a freer society."

Souza has played an important role in the growing popularity of bitcoin in Latin America. In addition to being an outspoken libertarian and a popular YouTube personality, he's the founder and CEO of BlinkTrade, which operates the largest bitcoin exchanges in Vietnam, Pakistan, Venezuela, Brazil, and the second largest in Chile.

In the U.S., bitcoin is used mainly by libertarians and tech geeks, but, as Souza explains, it's catching on in Latin America solely for practical reasons. Venezuelans are using bitcoins to buy food and medicine from abroad, routing around the government capital controls that make it virtually impossible to spend government-issued bolivars outside the country. In Brazil, bitcoin users are escaping tariffs that can run as high as 60 percent.

In our latest podcast, Souza and I discuss how bitcoin is being used in Venezuela and Brazil, Souza's personal experience with inflation in Latin America, his libertarianism, and more.

Souza is also featured in my recent article, "The Secret, Dangerous World of Venezuelan Bitcoin Mining" from our January 2017 issue, and the video, "3 Ways Bitcoin Is Promoting Freedom in Latin America."

Click below to listen to that conversation—or subscribe to our podcast at iTunes.

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  • ||

    Also, socialism is undermining socialism in South America. And everywhere else. It doesn't need much help.

  • ||

    Ok, I know this is old news. But I can't resist. 4 more years of Pelosi!

    Hahhaahhhahhhaa!!!

    This is derpfuckingtastical! Democrats are as dumb as we thought!

  • Wizard with a Woodchipper||

    Doubling down on dumb, add to this, they are seriously thinking about making Keith X. Ellison as head of the DNC. Oh, and did anyone mention Schumer? Har!

  • ||

    I'm cheering them on with Ellison.

    Schumer however, is a more serious threat to the rest of us than he is to the Democratic party. The guy has supported and gotten passed some of the worst legislation ever conceived, like FATCA, with the full help of the GOP. It's horrifying to think what him and a compliant GOP congress can and will do. And Rand Paul is probably the only thing standing in the way of that, and I fear it will not be enough.

  • Wizard with a Woodchipper||

    Ellison is a walking talking target rich environment. Please let him be the face of the Democratic party!

    You are right about Schumer. He plays hard ball, too. He will likely eat McConnell's lunch and then punch him in the nuts.

  • Vampire||

    Without "Top Men" controlling a currency, it will be chaos!!! It needs regyulayshunz!!! How else will those who control the money be able to rob people's money by way of currency debauchery???

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