Yesterday I wrote an article about Bitcoin, does it have value and 4 use cases of Bitcoin. https://medium.com/p/9d6da7b8feea?source=linkShare-f6c55a7e5841-1632985850
One of the use cases I mentioned is a store of value.
The first comment I get is this: “Bitcoin is the biggest scam in human history. It has not seen a recession. Just wait for interest rate hikes.”
I’ve been living in Europe for a long time so it’s true that interest rates have been very low, I wonder if it could really be so that when interest rate hikes, Bitcoin will be negatively affected.
Out of curiosity, I looked up interest rates in a few countries. I didn’t expect this: average interest rate in China is 4%, India 6%, Zimbabwe 40% and Venezuela 56% in 2021.
Digging a bit deeper, I find what’s even more shocking:
Countries with three-year cumulative inflation rates exceeding 100%:
- South Sudan
Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period
A total of 308.81 million people – very close to the total population of the whole USA, or four to five times the population of the UK, or Germany is losing upward of 90% of their lives saving every 6-7 years.
After looking at those numbers, I strongly believe that the world needs a solution, if it’s not Bitcoin, what else do those 308.81 million people have as an alternative to working their whole lives and ending up in poverty anyway?
I feel like I have been living in the bubble of a first world country for too long and only learn about the reality today. I don’t think the news talk enough about this. What’s your thoughts?