Witnessing how my local fiat currency loses its value makes me think about to hold my money in the form of Crypto
I remember when my country's local currency had lost its value so fast when a series of coup d'état happened during the late 80's and 90's because of political dissatisfaction of few people or officers in the military as well the opposition party in tandem with their allies in the biased press which did nothing but to hurt the economy because the fiat had devalued faster than a "normal" inflation does. That is why many commodities during that time had also jumped in value more than many people can tolerate which pressed them to suffer in a deep poverty threshold. That is why this fish which is a type of mackerel was deemed as the food of the poor is now in line with the food of wealthy as well for the reason that its price was once upon a time the only food type that the poor can afford because of its cheap price. But after the years go by due to the price of oil and the never-ending Ponzi scheme of the Federal reserve bank in the US in tandem with the treasury department and president of USA, the dollar is printed and printed nonstop just for the USA to stay in power. So if you are ever wondering why the US has these mighty military hardware like battle tanks, weapon systems, carriers and battle ships, etc., is because the US government is just borrowing money and paying its interest alone with another borrowed money. So if you have too much money in circulation without anything backing it, it will create inflation which means that you will have to have some more cash to pay for the things which sometime ago costs lesser.
The problem about FIAT money is that it is all connected and what it simply means is that if the dollar loses its purchasing power, your local FIAT currency will also lose its value which means that you needed much of it to buy a dollar or a commodity bought and traded with the dollar. So what about the price of oil, basically if operating expenses, manpower, and other needs of oil-producing countries like the OPEC gets high, then they will have to raise the price of oil or fossil fuel products like Diesel and Gasoline. OPEC and other oil exporters usually connive with each other to get a more revenue from their oil products by cutting down the generation of the said oil products and of course the high demand for fossil fuels will definite raise the prices up and in turn the industries, factories, equipment, not to mention vehicles which is used in variety of ways suffers in the end. The price of services and commodities like basic commodities are directly affected and it just means that you will have to adjust your money by coughing out more FIAT in order to have the same amount of foods or services for example.
So it is quite sad that we are collectively paying for these things because of the folly of the few people where in these time around is being held by "madmen" with no regards to the value of life. The war in Ukraine plus this support of the USA government to Israel with its fight with Hamas had affected our economy and you wouldn't have to look elsewhere because it is being felt already because the prices of all things had become sky high that I often think about what I would purchase and if the price is reasonable which often are not because of the ridiculous prices of food for example. The food prices is like a fortune and of course the retailers have their reasons because the price of meat, fish, vegetables, and the LPG which is often used to cook them along with paying for the wages of employees if it is a big food service or restaurant would add-up to command a higher price whether we like it or not. The cost of transportation is what moves the market because again, the higher cost of vehicle fuel. Then of course the price of fare from public transport vehicles makes you think more about going place to place for the reason that it had gone high so much that you will be forced to use a motorcycle if not a better option of using an electric motorcycle or any type of EV in order to save some gas. Anyway, the USA support for Ukraine, Israel, and the expenditure and possibly more expenditure in the southeast Asia to combat the threat coming from china is not free because of course the USA has to borrow more printed money in order to have the necessary weaponry and needs for war and a possible more war which could happen. That will just translate to a worsening inflation which I am watching right now with the lessening devaluation of my country's FIAT currency together with other country's currencies where some really went so far down that the paper on where it is printed on had become more value than the value of the currency itself.
So these things makes me think about cashing out in a constant manner directly into our local FIAT currency because of the aforementioned reasons if not in the way that I had chosen currently which is "locking" the value of my cryptos to a "stablecoin" when that particular digital currency which I am heavily invested upon had momentarily had risen with its value. Then it will give me options to cash-out my money to be used for my needs and wants or use the locked-in value in Stablecoin to repurchase more cryptocurrency when its value had returned back from a recent "pump" as influenced by Bitcoin's own move to its future predicted prices in dollars. The inflation that we are feeling and experiencing right now is also giving Bitcoin a higher value for the reason that it is still an asset and like most asset it also gets high in value as well especially because of its fundamentals in which one is its deflationary characteristics because it becomes more scare as time goes by. So that factor makes it more viable to store value into particularly now that money managers and other entities who likes to get the benefit of an appraising value brought by Bitcoin are investing now so that they can protect the value of their wealth from inflation which is now more apparent in its intensity which is why in just a few months my country's currency is slowly getting weaker against the weaponized dollar. We are now in the tribulation part of existence as we can feel now all over us and personally I do not think it will ever stop and people which will be lucky are those that I guess earn money in the form of cryptocurrencies.
Upvoted! Thank you for supporting witness @jswit.