Pre-crypto too people in the global south with constantly depreciating currencies used to purchase Dollars and Euros as a safe haven asset. There’s a reason why Argentine peso has a black market exchange rate.
Crypto is very useful for sanctions evasion but even then there black markets for fiat currencies. There are much greater risks to holding crypto (volatility, theft mainly), so people would quickly convert it to the fiat currencies they want.
Pre-crypto too people in the global south with constantly depreciating currencies used to purchase Dollars and Euros as a safe haven asset. There’s a reason why Argentine peso has a black market exchange rate.
Crypto is very useful for sanctions evasion but even then there black markets for fiat currencies. There are much greater risks to holding crypto (volatility, theft mainly), so people would quickly convert it to the fiat currencies they want.