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Fiat currencies crisis is spreading like wildfire all over the world, the latest ones are Indonesian Rupiah and Argentina’s peso. Meanwhile, Bitcoin keeps on growing its presence with rising demand and circulating supply.
Currency crisis on rising across the globe, Indonesia & Argentina feeling the dread
Fiat currencies are not at all doing good around the world. Every day that passes, fiat of one country or other is hitting the rock bottom. We already know the condition of Iran’s Rial, Turkey’s Lira and Venezuela’s Bolivar.
Now, Indonesian Rupiah is losing its value as it drops down to its lowest since the Asian financial crisis. In 20 years, it is the lowest Indonesian Rupiah has fallen against the US dollar. Despite the Bank Indonesia raising its interest by 125 basis points, the rupiah dropped 8.7% since the year beginning.
Indonesia’s currency weakens to levels last seen during the Asian financial crisis pic.twitter.com/mRRAVoUNq6
— David Ingles (@DavidInglesTV) August 31, 2018
Though the Indonesia rupiah has been falling since the start of year amidst the trade war between the US and China, the decline gathered speed with Argentine Peso plunge.
Argentina is yet again struggling with the financial crisis as its currency declines another 15% against US Dollar despite the country’s central bank raising the interest rate 60% to stop investors from pulling their money out of the country.
Latin America’s third-largest economy is raising the hackles of the investors as the concern over the country defaulting to repay the heavy government borrowing rears its ugly head. Just recently, President Mauricio Macri appealed IMF for quicker release of $50 billion loans. Argentina’s peso has hit 38 pesos against US dollar while its inflation rate is 25 percent.
Also, read: Silk Road Bitcoin Wallet Activates Again, Huge Dump Anticipated by the Community
Meanwhile, Bitcoin is creating its strong presence
While fiat currencies are dropping down right, left and center, Bitcoin is slowly creating its place at the world level. Now, Bitcoin is leaving behind the currencies in the form of fiat coins and banknotes in circulating supply as shared by a crypto enthusiast, Kevin Rooke, on Twitter:
Some say Bitcoin will one day surpass fiat currencies in value.
What if it already has?
Bitcoin is worth more than all the circulating coins and banknotes of:
– United Kingdom
– South Korea
– Canada
– and almost every other country in the worldSource: https://t.co/MCovNKRE2l pic.twitter.com/TrumqlY4zg
— Kevin Rooke (@kerooke) August 30, 2018
This certainly made for an interesting conversation over the Internet as one Redditor shared,
“this chart only considers the coins and banknotes issued by countries. Just saying BTC is already worth more than all the circulating coins and banknotes in Great Britain, which is really cool.”
While another one shared,
“Yes that because, in the UK anyway, the majority of people now use cards not cash; it’s probably very similar for South Korea and Canada too.”
Moreover, as fiat currencies keep on falling down dangerously, investors from all over the world are turning to Bitcoin as shared here on Twitter:
The rest of South America is learning from Venezuela.
You get a lot less Bitcoin if you buy it after hyperinflation occurs.
Argentina, Chile, and Peru have all been breaking exchange volume records on LocalBitcoins this summer. pic.twitter.com/e9JPt1Iucx
— Kevin Rooke (@kerooke) August 27, 2018
Cryptocurrencies, especially Bitcoin has been gaining substantial weight globally as a safe haven against the currency and economic crisis, so Bitcoin adoption rate just might take a hike as well.
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