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Revolution In Kazakhstan And What It Has To Do With Bitcoin

By StarkMatan | Toddler Hodler | 6 Jan 2022


Kazakhstan - a country in central Asia, in the post-Soviet Union region, with all that it implies: corruption, "democracy" with president running the country for well over two decades, powerty of everyday people in contrast to very rich top, who appropriated all of the countries natural resources.

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It's a counry of contadistinction, the poor have no chance of making it, while the rich enjoy their lifestyle and by no means intend to share. There is no typical "middle" class as in the western culture.

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What happened?

In the dawn of New Year, goverment announced that the gas that almost all cars use, will be rising in price - almost by two times. That promted some resistance from public and people went to streets. And it well like an avalanche, a few hundreds in one city soon were thousands all over the county. The president actually responded and dismissed the administration, also promising to reduce the prices of gas and other important products. But it wasn't enough - people, tired of decades of corruption and deception, are now demending of transforming the state to parliamentary-presidential republic and holding of a new election.

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What it has to do with Bitcoin and current dip?

The goverment shut down interent all over the country. This, and the whole uncertainty of future, leads to people leaving the country, including miners. And in some suprising news (at least for me personally) Kazakhstan is 18% of the whole Bitcoin hash-rate.

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Fall of the hash rate => fall in price.

What's happening right now?

Several hours ago Russia has declared that it will send "peace" troops to Kazakhstan to calm the situation. It doesn't sound good for the price of Bitcoin, but more importantly - it sounds like a disaster for the people who just want freedom and justice.

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How do you rate this article?

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