Its no surprise that inflation is currently eating each part of the world really hard, just few weeks ago, we saw the price of euro and pounds get close to the value of dollar. Its seeming like the central banks are about to print more money, because, that’s their own way of providing solution. When the country is in debt, or the value of the country’s currency is devaluing, just print more money and let the printer go brrrrr! After all, its the masses that will suffer the repercussion, not the government that put everyone in the mess. World economy is a mess, government can’t keep hiding this for too long, they can’t keep things stable.
This is bad for the world, because its going to frustrate everyone that isn’t in crypto, mind you its frustrating us in crypto too, but you can’t compare it to those people that are not in crypto. I will use myself and my country as pure example, inflation in my country is like oxygen, its everywhere at all time. I can’t say we are used to inflation, because no one can get used to their life getting harder and seeing the cost of living constantly increasing. Nigerians are known for always turning bad times to comedy, so they created a slag “Cost of living is killing the living”. This is to show you the height of inflation and how bad inflation has gotten, people earning in the local currency are really suffering because their salary can’t afford them 3 square meals a day. This is because, as prices of things, goods and services are increasing, salaries and wages are not increasing. The cost of living is increasing because most of the goods and service utilised in the country get Imported, this means that citizens have to pay for the imported goods and services with the corresponding exporting country currency.
This increases the demand for the currency and devalues the Nigerian currency, the government is not making life easier by setting facilities and infrastructures to create more job and employment and also reduce importation and increase exportation. This is just what is happening in my country, I can’t speak for other countries, but from the world news, we are experiencing world economy crisis one way or the other. This was what motivated satoshi nakamuto into creating bitcoin after the 2008 Financial crisis. The goverment was used to making the common man feel like they are the only source of wealth and they can control it, but bitcoin came and gave that liberation, made the world know that wealth can be created outside the government’s control.
People not earning in crypto in my country is feeling the inflation because, when they earn in naira, its not the same value like was last week. But earn you earn in crypto, the lower the price in value, the higher the quantity of token you receive. For instance, if you are earning in $400 in crypto, you can decide to save half and spend half, during the dip, the quantity of the token increases, this way you get more value when it pumps.The only solution tho this is crypto, you know this and I know this, crypto is decentralised, transparent and creates room for accountability.