Cuba, a nation steeped in history, culture, and political isolation, is the focus of our latest documentary, “The Truth Behind Cuba’s Bitcoin Revolution.” This on-the-ground exploration delves into the profound impact of Bitcoin in one of the world’s last communist states.
Bitcoin’s Lifeline in Challenging Times
In this documentary, we witness how Cubans are turning to Bitcoin to navigate economic challenges, attract new businesses, and safeguard their finances in a censorship-heavy environment. Journalist and Bitcoin enthusiast Joe Hall embarked on this journey, capturing the Bitcoin revolution described in Alex Gladstein’s book, “Check Your Financial Privilege.”
Reporter Joe Hall, Paco de la India and only $200 in Cuban peso bills.
Unique Bitcoin Ecosystem
Unlike many countries, Cuba lacks centralized crypto exchanges like Coinbase or Binance. Cubans face diplomatic obstacles in creating accounts due to strained relations with the United States. Consequently, Bitcoin thrives in a unique ecosystem beyond the state’s reach.
Cuba grapples with economic hardships, including hyperinflation that has eroded the value of the Cuban peso by over 940% in two years. Bitcoin emerges as a lifeline, protecting savings from currency devaluation, particularly for the 72% of Cubans living below the poverty line. The grassroots adoption of Bitcoin in Cuba and spotlights the Cuba Bitcoin community’s efforts to educate and propagate Bitcoin’s principles. They operate in an uncertain environment where their actions carry consequences.
As Bitcoin gains traction in Cuba, the government’s response remains uncertain. “The Truth Behind Cuba’s Bitcoin Revolution” offers a rare glimpse into a nation on the verge of transformative change. Bitcoin could provide Cubans with a glimmer of hope and freedom on an island where such aspirations have long been suppressed.