Crypto Nomads

Description

Knowledge Ridge, Kirti Sharma:

"Crypto nomad is a class of individuals who prefer borderless money. They can be classified into two categories. The first category is of crypto trading-savvy people, but unable to trade in their home country due to regulatory pressures/restrictions. Such people set up offices in locations (other than their country) which are pro-crypto and run the business from there.

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The second category of people are the ones who use crypto as a medium of exchange to travel and live internationally. Instead of opening bank accounts in each country, trading in crypto offers a similar liquidity that can be used for travelling and living internationally. They might need to invest in SIM cards in each country so that trading can be done easily.

Abhishek Bhattacharya, the co-founder of blockchain startup Whrrl, says: “Crypto Nomads is a self-sustaining model wherein people can choose to earn/own cryptocurrency and spend it for their use. The model is simple, earn in crypto and pay in crypto.”

It is convenient to hold crypto instead of routing money through a bank and incurring transaction charges. Bhattacharya believes that as more and more e-commerce sites start accepting cryptocurrency, the possibility of using it as a medium of exchange would widen.

We are seeing that the post-COVID-19 world is very different. Working from remote locations is the new normal. Amid this development, millennials and Generation Z are willing to take up assignments that let them work remotely and are open to exploring investment options that are global."

(https://www.knowledgeridge.com/expert-views/the-rise-of-crypto-nomads)