I just want to gauge everyone's knowledge here (please don’t do too much research).
I would like to hear your thoughts based on your existing knowledge and intuition.
How do you think Bitcoin can help countries experiencing hyperinflation such as Venezuela, Zimbabwe, and more recently, Sudan and Lebanon?
We (bitcoin enthusiast) often preach that investing in Bitcoin is a hedge against inflation.
If inflation is the main problem in these countries, how do you think Bitcoin could help solve their economic crisis?
Years ago, when I was a kid and the price of Bitcoin was $2000, I thought that it would be a cool idea for any poor nation to invest in Bitcoin to combat inflation. Maybe it would be cool if any country bought a few thousand Bitcoins when the price was really low, but I don't think that it will be a game-changer investment now. The price isn't going to rise 100 times more.
I believe that Bitcoin can't solve inflation problems in those countries. El Salvador tried and was buying 1 Bitcoin every day since 2022, they made $287 million profit but this is nothing for countries that are listed above, especially for those who have more than 10 million people. They need billions of dollars, they won't be able to get that much profit from Bitcoin. Bitcoin can only help those countries to create new job opportunities and attract investors to start Bitcoin related businesses. This will boost the economy long-term but that's not going to solve the issue of hyperinflation, but it will be an aid to that.