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42 sats \ 2 replies \ @KesterBils OP 6 Nov 2023 \ parent \ on: As a Nigerian, I've Seen How Our Monetary System Has Been Struggling. bitcoin
Exactly.
One problem we're facing is that the Government has made life hard for people that the mindset is now based on making quick bucks to cater for their daily needs but we're getting there eventually.
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0 sats \ 1 reply \ @Athena_Alpha 6 Nov 2023
Yes, a huge impact of inflation (which is of course amplified with hyperinflation) is a massive reduction in time preference.
People don't care about long term savings, they just care about having enough of their melting ice cube fiat money to be able to afford food tomorrow.
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0 sats \ 0 replies \ @KesterBils OP 7 Nov 2023
Exactly, this is what's happening in Nigeria right now. The few Naira you make go to food and groceries and they are more expensive now that they barely have any other money to set aside for Bitcoin or invest in any other asset.
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