Following a military coup in 2021, resistance groups in Myanmar are in need of an alternative financial solution like Bitcoin. Bitcoin could serve as a better alternative for those in Myanmar who are being cut off from traditional banking services or fear currency devaluation.
Research conducted by the Bitcoin Myanmar Initiative shows that, while the value of the kyat has fallen by over 35% since the military coup, the price of bitcoin has doubled in the same period. Prior to the coup, the price of 1 BTC was approximately 500 million kyat, but it is hovering around 1 billion kyat on Binance’s peer-to-peer exchange as of this writing.
As it is, bitcoin still requires fiat to be functional and as such, the people of Myanmar might still have to sort means to have a functional banking services. What deal of hope the crypto space would have done for them in this time of resistance . This is another reason why centralised systems aren't a perfect one for a free willed society. Those who have control will always use it and what better tool to archive that other than the currency which the rest of us in our world hold dear, fiat.
Well a good number of us have left it behind and only access it occasionally but still, bitcoin hasn't been accepted globally just yet.
Also, the situation in Myanmar though might contribute to bitcoin boost in price, its most likely not the chief reason why bitcoin appreciated. Its a collective effort of traders around the world.