Bahamas Resorts To Crypto To Offset GDP Losses

Over the years, the crypto sector has had a massive boom. Digital currencies such as BTC have become widely accepted in various regions. They see crypto as an asset to alleviate some issues plaguing their society.

According to reports, the Bahamas is resorting to crypto to aid innovation in the state. On July 14th, the Nassau Guardian reported that Philip Davis, the country’s prime minister, is considering crypto.

Davis acknowledged that climate change was causing havoc to his nation. Therefore, he intends to focus on innovation and offset its GDP losses using crypto.

Financial And Environmental Damage In The Bahamas 

At the 2022 Concordia Americas Summit, two global leaders discussed about economic growth and investment. They include the Prime Minister of Bahamas and that of Saint Vincent and the Grenadines, Ralph Gonsalves.

According to Davis, global leaders should take more action to reduce carbon emissions. This is because they would endanger the island nation in the next thirty years.

Meanwhile, he noted both countries are little islands and produce very little carbon. However, they are also among the largest and most significant carbon sinks internationally. 

Due to the increased industrialization, the PM stated that they have been taking in polluted air. Unfortunately, this has been harmful to the people and their resources.

However, Davis opines that over 50% of the Bahamas’ federal debt is due to climate change. Various countries around it are delving into the industrial sector in a bid to revive their economy.

Crypto To Address Problems In the Bahamas 

Furthermore, the PM said crypto could alleviate some of the problems the country is currently facing. These problems are due to industrial expansion and global warming. 

According, they are entering into various sectors, including the crypto sector. He believes crypto will help to foster innovation and also provide new streams of revenue.

Finally, he emphasized by saying:

“We have identified the potential of crypto and realized that it is here to stay. Also, we believe we can use it to replace the 20% GDP that I had lost due to the industrial world’s meddling. Therefore, I support cryptocurrency in the financial sector.”

Meanwhile, it is worthy to note that the FTX exchange platform is based in the Bahamas. From April 26th to 29th, FTX conducted an exclusive “Crypto Bahamas” event in the country. 

It partnered with SALT, a technology and finance forum owned by Anthony Scaramucci. As noted by Finbold, this event attracted over 2,000 members from the crypto community.