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30 sats \ 2 replies \ @lrz 30 Jul 2022 \ parent \ on: Venezuela Hyperinflation against Weimar's and Zimbabwean bitcoin
Do you believe a sanctioned, hyperbitcoinized country would have hyperinflation?
I don't know how to reply that honestly ... what is sure is scarce money doesn't save you if you can't buy and import anything you need because of sanctions. So if there is less and less products (food, oil, etc) the sats price will have inflation/hyperinflation as well.
Bitcoin can be a tool to bypass sanctions and facilitate international trades.
For now, the IMF is mad at Salvador and Central Africa country, I'm waiting that a country, any country affected by sanctions, use it to import stuff. At this point the real war will begin. Officials in Russia said accepting BTC would be a possibility.
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Yes I hope that too.
In my opinion Venezuela would have a radically better standard of living if they were both U.S.-sanctioned and hyperbitcoinized. They have a lot of farmland, access to the ocean, and an insane amount of oil and other natural resources, and while international trade is limited they still have some access to it. Their real enemies are the kleptocrats in Caracas.
I think significant trading will be done in rubles much before BTC, although central banks will slowly start including BTC in their reserves.
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