Impact of blockchain on the Portuguese economy

The crypto industry has seen tremendous growth in recent years. In less than four years, cryptocurrencies and blockchain technology have gone from a niche industry to a global powerhouse capable of moving markets and influencing regulation.

It is safe to say that the opportunities that have emerged from this growth have changed the world, but this change is most evident in places where economic growth has stagnated.

This is the case in Portugal, whose reputation as a sunny tourist paradise has been slowly tarnished by its low wages and declining living conditions.

Despite being an EU member state and having vast natural resources, Portugal has long been seen as the 'underdog' of Europe. The country struggled to keep young people within its borders as better wages and more business-friendly regulations drove them to emigrate to neighbouring countries.

Job opportunities were scarce and young people struggled to find reasons to stay in a country that valued them so little. In the mid-2000s, agriculture was one of the few industries that offered a sense of stability. It became the career choice for many young people.

Innovation and entrepreneurship were hard to find and even harder to execute in Portugal.

The Portuguese are cursed with caution. The elderly experienced hardship and struggled instead of being liberated in the post-dictatorship era.

The uncertainty and instability they experienced kept them in a survival mode that they passed on to their children, making it the default mode of life in the country. This has led to a lack of ambition among the general population.

While this slow change was happening quite slowly, it took blockchain to make these changes intensify.

It can be said that blockchain technology has completely changed the technological and business landscape in Portugal. The creation of cryptocurrencies has become the tailspin event that has shaken the country to its core and created a better future for young people.

Over a decade after the first blockchain of Bitcoin, blockchain technology has helped combat unemployment in the country and instilled a sense of ambition in young people. The possibilities opened up helped Portuguese entrepreneurs realise that they could create a parallel global economy free from government interference.

Spurred by the endless possibilities offered by blockchain technology.

In its early days, the crypto industry was dominated by tech-savvy traders and developers. This homogenous community made it difficult for others to enter and grow their businesses. However, in 2023 the crypto industry is full of diverse experts, ranging from traditional bankers and finance analysts to lawyers, psychologists and marketers.

Having a wide range of experts working in the industry creates strong support for new companies looking to enter the blockchain space.

All crypto and blockchain companies in Portugal now have access to the global market. We can all succeed based solely on our talent and effort, without being limited by the local market.

This mindset makes it easier to overcome bearish markets.

Although Portugal is one of the best examples of the potential of cryptocurrencies and blockchain, their effects are felt in many other nations. It is a miracle to see the opportunities and potential created by blockchain technology.

People can now challenge traditional systems and tackle inequality from almost any corner of the world.