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Hello HODLers!
Today I would like to share with you some thoughts on inflation and the decline in purchasing power in developing countries. To get to the end of the solutions offered by Bitcoin!
Take a look at this graph:
This is a daily chart of the dollar against another currency / token.
Do you think it's a shitcoin or some kind of scam, well no (or yes, it depends on what you think).
This is the graph of the Turkish lira and Turkey is facing massive deflation and economic crisis.
The chart starts from April 2021 so you could tell me, "oh well but it will only be a temporary phase". Well no, the Turkish lira has steadily devalued over the years!
As also reported by Wikipedia, the Turkish lira has seen chronic inflation from the late 1970s onwards which has resulted in the Turkish lira depreciating hard against other currencies:
1966 - US $ 1 = 9 Turkish Lira
1980 - 1 US $ = 90 Turkish Lira
1988 - US $ 1 = 1 300 Turkish Lira
1995 - 1 US $ = 45,000 Turkish Lira
1996 - 1 US $ = 107,000 Turkish Lira
2001 - 1 US $ = 1 650 000 Turkish Lira
2004 - 1 US $ = 1 350 000 Turkish Lira
I took Turkey as an example because after all it is not among the least developed nations in the world, but the situation is even worse in many states in South America (such as Venezuela) or Africa.
Well, such an important decline in purchasing power means that the fruit of labor in these countries is worth less every year, in countries where wages are already very low, workers are able to buy less and less goods with the same amount of money.
And so in many countries of the world you work hours for starvation wages, and you also try to save, only to understand that the accumulated savings are no longer worth anything.
Also for this reason many developing countries are approaching Bitcoin today, because Bitcoin, better than the national currencies of many states, is a "store of value", a store of value, a tool that allows workers to preserve the value created in the years.
The alternative for these states would be to adopt the US dollar directly, but this would further increase the subjection of these countries towards America.
This is why in my opinion the answer from a monetary point of view for developing countries is Bitcoin, the first global currency, without states, born by the people for the people. If Turkish, Venezuelan and Nigerian workers had accumulated Bitcoin over the years instead of their national currency, they would not have seen their savings depreciate day by day and they would have seen their work finally valued.
I greet you friends, in the hope that Bitcoin can help create a better world!
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