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Bitcoin’s genesis block encoded the news headline “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” During the recent halving, a miner encoded also a recent headline, “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue” into the blockchain forever.
With fears of inflation growing in the public discourse for some countries and regions, we take advantage of the pertinent personal experience of a member of our team, Crypto Broker AG’s Backend Engineer Alessandro Chacón. who gives his personal account of how hyperinflation played out in Venezuela and what role harder currencies, as well as Bitcoin, play in the daily life of ordinary citizens.
This discussion intentionally does not address the macroeconomic aspects of the likelihood of inflation, which will greatly differ throughout the world, but it does review a local playbook and the consequences for society.Read more