You know your economy is in pretty bad shape when you turn to cryptocurrency for stability.

But that’s exactly what’s happening. Economies that have been regulated into oblivion, that have borrowed more than they can bear, and that engage in the hyperactive process of magically printing currency are paying more attention to Bitcoin to escape their dreaded situation.

The decimated economy of socialist-Venezuela – crushed by years of bad management and a bolivar worth less than the paper it’s printed on – is a clear example of why the shift towards cryptocurrencies will only increase with time. In a country like Venezuela, Bitcoin is not just an expensive hobby or a fun thing to mine for speculative thrills and adventures. It is in fact, one of the few lifelines Venezuelans have for buying everyday goods and services to survive.

It’s appropriate to give credit where credit is due though, as this centralised government does have one advantage, that is, extremely cheap electricity. This has allowed citizens to mine cryptocurrencies on high-end gaming PCs, which generated more tradeable value than the country’s official currency.

The same is true in countries like Zimbabwe, where a 100 trillion-dollar bill isn’t enough to buy a loaf of bread. Rather ironically, the worthless note has taken on a new kind of value among foreigners – that of a collectable. In Zimbabwe - where there is no reputable or thrustworthy monetary system - value isn’t transferred via fiat money, but in cryptocurrency – something that is immutable, and which cannot be manipulated or duplicated.

While it’s certainly the case that cryptocurrency value is extremely volatile - partly due to the market’s infancy, but also due to whales and other forces – there is no denying that its underlying trustless technology shows unparalleled worth when regional economies crumble.

As centralised, over-regulated economic structures falter, the value of decentralised systems will be seen as a viable alternative. Yesterday, amidst Italy’s political crisis, it was reported by business insider, several major news outlets and public commentators that this might have something to do with the big crypto market comeback.

As reported yesterday, it remains to be seen whether this week's market upturn is just temporary relief or a genuine bull run. Bitcoin is currently stuck in sideways trading between $7350 and $7800 so we've probably yet to bottom out before this bear cycle is over.

Although this is most likely an oversimplification of the cause of the $20 billion price movements we witnessed on Tuesday, it’s entirely within the scope of speculation that Italian politics may have contributed to Bitcoin’s rise. In fact, it could be said that investors are beginning to trust Bitcoin – much like gold – more so than fiat currencies, which crypto enthusiasts would assert have no value and lack scarcity.

It goes without saying that in times of crisis, people will flock towards that which is secure, and if current economic models or systems fail to deliver, it’s entirely possible that cryptocurrency will swing in to save the day – perhaps even replacing “gold” as the last resort asset.