Afghanistan Economic Crisis Rise of Bitcoin
Snapshot
- Finding an Alternative
- The Last Resort: Bitcoin
Since the Taliban took control over Afghanistan, there has been a significant increase in the adoption of Bitcoin. With a continuous slump in the Afghan currency, the citizens were forced to find an alternative and adopt Bitcoin. Due to its independent decentralized nature, Bitcoin has the power to preserve value and increase purchasing power.
There have been many stories from Afghanistan of individuals who had invested all their savings in Bitcoin, as war made it impossible for them to withdraw any money from banks.
Roya Mahboob, the first female tech CEO from Afghanisthan and among the most influential people in the world, as per the list shared by ‘Times’, was one of the first persons to introduce Afghan people to cryptocurrency in 2013. She always believed that Bitcoin was needed in her country now more than ever.
Finding an Alternative
According to the data provided by CNBC and Chainalysis, cryptocurrencies have been a haven for citizens of Afghanistan, who are seeking financial independence to escape the country. Out of all the cryptocurrencies present in the crypto market, Bitcoin seems to be the solution for the citizens of Afghanistan trying to preserve their wealth and escape from the country eventually. While others, who wanted to make more money during these crises are trying their hand at gambling in cryptocurrencies.
Despite various difficulties that Afghans had to face in Bitcoin adoption, Afghanistan is ranked 20th in Global Bitcoin Adoption Index by Chainalysis. In peer-to-peer trading, Afghanistan is ranked even higher, at 7th position.
Data from Google trends also show that in July, just before the Taliban attack, web searches for Bitcoin and crypto increased significantly.
The Last Resort: Bitcoin
As citizens of Afghanistan were denied the right to access money and with a decline in the economy of Afghanistan, many Afghans started to invest in Bitcoin, placing their family and money, in the hands of the most tangible form of currency that they could find.
Bitcoin is considered the perfect option for people living in war zones, monetary colonialism, critical economic policies, and oppressive regimes. It is expected to renew the sovereignty and freedom of people worldwide, irrespective of their origin, religion, or nationality.
In the coming time, eventually, Bitcoin is expected to conserve value and improve purchasing power in comparison to other cryptocurrencies. With its distinctive features, the world’s first cryptocurrency is specially equipped to assist people who are living under authoritarian regimes and are victims of adverse economic policies.
Bitcoin became the last resort for the people of Afghanistan, to secure financial sovereignty and to also safeguard the wealth for the Afghans and their future generations.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
Photo by – mohamed_hassan on Pixabay
