Bitcoin vs inflation

[Inior]

I know say we don hear about inflation well well and due to the recent things wey dey chele for we country some of us don dey very used to the word, however some person never still grasp the severity of what's happening in our country and the whole world at large. But for this thread i go focus more on our country so that we go fit relate easily.
Now we go all agree say years before now the country been sweet pass like this and that na because the inflation rate been dey low, but as the years pass we come dey experience small small hardship, many companies come dey run comot we area, and na so plenty people start to loss their jobs. That aside the historical chart of our currency to dollar na clear evidence of say inflation dey really dey hammer us.

Now my problem  na besay Some persons never really sit down consider this inflation matter as e be so. Imagine the increase in price of goods or the exchange rate of dollar to naira from last 5 years, or to make matter worse look back to 20 years wey 1 dollar been dey equivalent to N130 today now e dey around N1419 per dollar wey don pass 1000% increase. Now imagine say in the next 10 years e just increase with 500% that go be N7095 per dollar. Person wey dey see this inflation matter as threat no supposed to dey dull em bitcoin investment, because  na wattin fit save am for this fight against inflation.

When you turn you head look bitcoin you go see say em overall direction na still bullish, which means e still dey sure to rise towards that direction, imagine putting that money for bitcoin for the 10 years. Trust when people go dey regret you go dey smile like those early bitcoiners now.

Chart to back up my point and data.
USD/NGN



BTC/USD


Here is the chart data link

[Ambatman]

I would like to add something that many tend to overlook.
The current Bitcoin price you see isn't inflation adjusted
So when we consider inflation we would realise that the price is lower than we believe.
Bitcoin isn't just rising but Fiat is falling
Many only see Bitcoin rising and not the fact that Fiat is also falling.

[Joy_learns_crypto]

I would like to add something that many tend to overlook.
The current Bitcoin price you see isn't inflation adjusted
So when we consider inflation we would realise that the price is lower than we believe.
Bitcoin isn't just rising but Fiat is falling
Many only see Bitcoin rising and not the fact that Fiat is also falling.

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

[Jubilee58]

Di truth be sey Bitcoin go help us settle dis inflation matta for us. As we can see our fiat currency de comot value everyday, so if we keep our money for bitcoin, we no de only save our money but we de increase di value of our money too. No be today wey dis inflation begin de affect us like dis, e don tey and e com make our money loose value and di economy no com dey balance.

Dis inflation matta wey we de talk now, na di federal government of Nigeria wey suppose solve dis inflation matta but e dey clear sey dem de benefit from am because even dis our political leaders dem dey put día money for dollar investment and dem go come back hia com buy everything wey dem won buy.

No go keep your money for bank or put am for naira investment, dat go make your money loose value and inflation go help eat am up.

[Frankolala]

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

Big investors are concerned about the regular fall of fiat currency which is why a lot of them are diversifying into bitcoin to preswebe their wealth. If no one is complaining about inflation it means that they're ignorant that fiat is falling in its purchasing power. However, whoever complains about inflation, ask him and he will complain that inflation leads to fiat falling.

[Inior]

I would like to add something that many tend to overlook.
The current Bitcoin price you see isn't inflation adjusted
So when we consider inflation we would realise that the price is lower than we believe.
Bitcoin isn't just rising but Fiat is falling
Many only see Bitcoin rising and not the fact that Fiat is also falling.

Indeed this is another major concern that we sometimes ignore probably because we are more concerned about the profit we making and not the well being of our own fiat currency.  Before now all we could do was complain bitterly about how things are getting expensive and how the value of our fiat is reducing so bad but now with bitcoin, those are not much of our concern as it seem to some level that we are immune to the threat of inflation since we now save in bitcoin.

I would like to add something that many tend to overlook.
The current Bitcoin price you see isn't inflation adjusted
So when we consider inflation we would realise that the price is lower than we believe.
Bitcoin isn't just rising but Fiat is falling
Many only see Bitcoin rising and not the fact that Fiat is also falling.

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

I honestly don't see the severity you are talking about in his post, it seem more neutral to more as he did not specific the extent to which inflation happens to our fiat when bitcoin increases it price.

[Grace333]

Truly fiat is no more longer a safe space to keep our money as we can't tell when inflation is going  to hit the economy again, and the worst part of it is, the fact that when inflation hits the economy the government tend to take a slow approach in solving the issue which is the cause of buying things at consistently high price even when the inflation has gone down a little. It seems we have poor economist as governments officials.
There was a post I was the other day, which say if companies would require graduates and advanced educational degrees for certain positions why don't democracy do likewise, so we know we are lead by not just experience but people who truly know how to run the affairs of the country rather than an ordinary school certificate qualification ranging from primary 6 school cert.

[Marvelockg]

The easier way to look at inflation is to ask yourself the question, if I compare what the value of a thousand naira can buy at present to what it use to buy in five years back, what's the difference I can easily spot? Is the difference small enough relative to how much my income has grown? What about the value of bitcoin five years back relative to it current price at present? A simple sincere answer to that kind of analysis will directly show that inflation is mainly a fiat related concept that mostly eats up our fiat expecially in our Nigerian system. Bitcoin on the other hand is only seen to be volatile and the reason for it volatility is based upon real life factors that mostly affects the fiat when the direction of the volatility is negative.

[Inior]

The easier way to look at inflation is to ask yourself the question, if I compare what the value of a thousand naira can buy at present to what it use to buy in five years back, what's the difference I can easily spot? Is the difference small enough relative to how much my income has grown? What about the value of bitcoin five years back relative to it current price at present? A simple sincere answer to that kind of analysis will directly show that inflation is mainly a fiat related concept that mostly eats up our fiat expecially in our Nigerian system. Bitcoin on the other hand is only seen to be volatile and the reason for it volatility is based upon real life factors that mostly affects the fiat when the direction of the volatility is negative.

Even if we draw the conclusion that maybe the inflation in our economy is way too high compare to other nations we will still find inflation in those countries which we sometimes admire. Take a good look at US they're constantly fighting inflation and Trump was wise enough to source for external investors to partner with US when he was first elected as president and that is what smart leaders do not borrowing money up and down and blame inflation on crypto or foreign exchange that has only but little impact on the economy.
As a governor or president your first priority should be how to bring better changes positively to the economy and after you successfully do that you can easily do your thing and nobody will complain that you're their village people.
I might have drifted a little bit, but all I'm trying to say is irrespective of how government manage to tackle inflation it would still stand it's like a constant in economies but it can be managed.

[Hustle2025]

Inflation is the high rise of prices of goods and services,  Inflation causes devaluation of currency. Government policy,  taxation, printing of more currency note and bank policies, all results to inflation.  Inflation reduces the value of money saved in traditional bank, thereby causing a decline or reduction in purchasing power of money.

Bitcoin has a limited supply or hard cap of 21 million coin, therefore no individual,  agency or government can print or issue more bitcoin. Bitcoin is a decentralised digital asset, therefore no central authority can manipulate its supply. Bitcoin as a store of acts as a protection against inflation, when traditional currency such as naira loss value,  bitcoin usually reflects on the loss by a rise in price against naira.

[God Tim]

I know say we don hear about inflation well well and due to the recent things wey dey chele for we country some of us don dey very used to the word, however some person never still grasp the severity of what's happening in our country and the whole world at large. But for this thread i go focus more on our country so that we go fit relate easily.
Now we go all agree say years before now the country been sweet pass like this and that na because the inflation rate been dey low, but as the years pass we come dey experience small small hardship, many companies come dey run comot we area, and na so plenty people start to loss their jobs. That aside the historical chart of our currency to dollar na clear evidence of say inflation dey really dey hammer us.

Now my problem  na besay Some persons never really sit down consider this inflation matter as e be so. Imagine the increase in price of goods or the exchange rate of dollar to naira from last 5 years, or to make matter worse look back to 20 years wey 1 dollar been dey equivalent to N130 today now e dey around N1419 per dollar wey don pass 1000% increase. Now imagine say in the next 10 years e just increase with 500% that go be N7095 per dollar. Person wey dey see this inflation matter as threat no supposed to dey dull em bitcoin investment, because  na wattin fit save am for this fight against inflation.

When you turn you head look bitcoin you go see say em overall direction na still bullish, which means e still dey sure to rise towards that direction, imagine putting that money for bitcoin for the 10 years. Trust when people go dey regret you go dey smile like those early bitcoiners now.

Chart to back up my point and data.
USD/NGN



BTC/USD


Here is the chart data link

This is something government do not know about because it seems as if they do not know about bitcoin, if not why will they band bitcoin if they did not know the use of bitcoin in Nigeria, if El Salvador has upgrade up to a standard what are Nigeria waiting for as if they did not know between bitcoin and cryptocurrency and bitcoin is more legal than cryptocurrency in Nigeria and I think it's not all of this exchange are registered in Nigeria that's the reason why we are having access to them.

[Hypnotizer]

This is something government do not know about because it seems as if they do not know about bitcoin

As how na! You think the government don’t know about this, that absolutely wrong because the government actually are the ones controlling the inflation and other stuffs of the economy.

if not why will they band bitcoin if they did not know the use of bitcoin in Nigeria, if El Salvador has upgrade up to a standard what are Nigeria waiting for as if they did not know between bitcoin and cryptocurrency and bitcoin is more legal than cryptocurrency in Nigeria and I think it's not all of this exchange are registered in Nigeria that's the reason why we are having access to them.

Basically Bitcoin is not banned in Nigeria right now, and you can use bitcoin and other cryptocurrencies freely and you can’t compare Nigeria to El Salvador..Nigeria have a big dependence on the banking System and the IMF, so they can’t actually just start using bitcoin. Even El Salvador have reverse their stance on bitcoin when they wanted to collect a loan from the IMF.

[Lembo69]

The main reason for inflation in Nigeria is that we have an import-dependent economy. We export less and import more from our country. This is why our country has high inflation. If we want to stop inflation in Nigeria, we have to increase food production. And banks and the government have to be disciplined.

Now let's compare it with Bitcoin, Bitcoin is a digital currency and Bitcoin acts as an anti-inflation agent. This is because Bitcoin has a limited supply, the government can print as many naira as it wants but Bitcoin cannot be printed. Inflation usually occurs when the government spends more. And to meet the deficit, Naira is printed, resulting in inflation. Since Bitcoin is not linked to the government or any central bank of the country, Bitcoin is able to maintain its correct value. For this, Bitcoin can also be called an anti-inflation agent.

[Wiwo]

If we connect inflation to increase in the price of basic goods in the market,  then compared bitcoin with what the realities are we may believe that bitcoin have aided alot of inflation within the economy and the reason why some past government sees bitcoin and the entire cryptocurrency market as an enemy of the economy.

If the price of goods and services is in the in increase and the price of Bitcoin and other cryptocurrency assets are on the increase,  that means bitcoin is on the same trend with the market..

Where's the retail dealers and Middle men in the Nigeria economy are the major cause of the increasing price of goods in the market.

[Ambatman]

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

Lol you dey act like you nor dey Nigeria
Compare the price of things around 2009 and the price today make you see say inflation impact dey obvious.
Even dollar wey strong pass us has been affected by inflation with around 50%
You can check this site to confirm
https://www.in2013dollars.com/us/inflation/2008?amount=100

[gracreavix]

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

Lol you dey act like you nor dey Nigeria
Compare the price of things around 2009 and the price today make you see say inflation impact dey obvious.
Even dollar wey strong pass us has been affected by inflation with around 50%
You can check this site to confirm
https://www.in2013dollars.com/us/inflation/2008?amount=100

For sure, inflation na normal thing, price of things some years back nor be the same with price of things today. And nor be only Nigeria the impart of inflation dey affect. e still dey affect all over the World, like you talk even dollar self were solid, still loss value.
Na just normal thing about economy and finance were don dey play out for years.

[Tonimez]

Fiat failing contributes only a little to why bitcoin is rising that is why many only see bitcoin rising and not Fiat falling. Fiat fall is not enough fact to the rise of bitcoin.
If we are considering inflation the price won’t be much lower than it is actually.
I know that there is inflation but it doesn’t contribute as much as you Dey talk .

Lol you dey act like you nor dey Nigeria
Compare the price of things around 2009 and the price today make you see say inflation impact dey obvious.
Even dollar wey strong pass us has been affected by inflation with around 50%
You can check this site to confirm
https://www.in2013dollars.com/us/inflation/2008?amount=100

The truth is that no fiat currency is stable and I would say that bitcoin is now the universal yardstick for measuring inflation since it's the only currency that does not bother about inflation based on the fact that instead of falling, it keeps rising yearly. Inflation means that a given amount that is able to acquire a given item at a particular period of time is no longer able to acquire same item after a period of time. To proof that inflation also affects the dollar, in the year 2009, when bitcoin was nearly worthless, the price of car was about $27000 which is equivalent to 30,000,000 BTC at bitcoin=0.0009 USD. However, today the price of car has risen to $49000 which is equivalent to about 0.81 - 0.9 BTC. Here one currency is rising while the other is depreciating. So there's no point holding fiat, it's better to save it in bitcoin which is why it is called the store of value.

[Olatundespo]

The depreciation of the Naira and its weak position against the dollar due to inflation are affecting our economy more negatively. The statistics you have given for the past years are a real picture of our country and the possibility of this depreciation gradually getting worse. The common people of our country do not know much about inflation, they only know that the prices of goods are increasing but their income is not increasing.

Due to the lack of infrastructure development in the country and the obstacles to the expansion of technology, many institutions have closed and the number of unemployed people is increasing. The increase in the amount of foreign debt is a failure of our government to repay it on time. The strict conditions of the IMF loan and the weak infrastructure and corruption in our country in terms of re-lending are the main obstacles to the development of the country.

This gradual deterioration of the economy is almost certain to increase in the future. We need to focus on alternative financial systems. Bitcoin can be our alternative financial expansion system.

[Sammye3]

Bitcoin was created to beat inflation. That is what the difference between bitcoin and the dollar and that purpose still stands till date. It is a decentralized block chain system on its own and goes beyond the government's policies and standards. It gives full control with an investment option as well, that is the ourpose bitcoin gives; inflation is far from it.

[Cryptohygenic]

Now imagine say in the next 10 years e just increase with 500% that go be N7095 per dollar. Person wey dey see this inflation matter as threat no supposed to dey dull em bitcoin investment, because  na wattin fit save am for this fight against inflation.

In a nutshell wetin u just describe about here na a core illustration of the potential long time value of bitcoin wat he say e dey hedge against inflations.
And as na asset way e stand for, Nigerians way dey store their funds there no go get shaking of their savings loosing values by that time of the inflation. We also know say most of our civil servants dey hold their pension funds for we local currency and as retirement funds way no to dey in used for the people of their service, na inflations go dey rise and so also their savings go dey loose values but bitcoin go store the value as the price increases in the long time.