Fun

1.2 Billion People Live Under Double-Digit Inflation, ‘Many Have Found Escape in Bitcoin’ Says HRF’s Alex Gladstein

News Feed - 2021-03-10 06:03:58

1.2 Billion People Live Under Double-Digit Inflation, ‘Many Have Found Escape in Bitcoin’ Says HRF"s Alex Gladstein


While central banks are focusing on creating more stimulus and economists expect inflation in the U.S. to rise, a number of other countries are suffering from considerable inflation right now. On Monday, the chief strategy officer for the Human Rights Foundation, Alex Gladstein, explained that 1.2 billion global citizens are living under inflation rates as high as two to three-digits. Inflation: The Silent Killer of an Individual’s Purchasing Power


During the last week, a number of analysts and economists have been discussing the possible inflation rise coming to the U.S., mostly because of the massive amounts of stimulus created in 2020 and 2021. It has led economists to believe that inflation is coming to the U.S. soon, as the Federal Reserve is backed into a corner with plans to keep the easy-money schemes going strong.


Inflation is the depletion of a currency’s purchasing power paired against goods and services over time. Inflation can be measured by observing the currency’s purchasing power over a period of recorded time.



For instance, an inflation calculator will tell an American how much the U.S. dollar’s purchasing power has lost since 1913, the very year the Federal Reserve was created. According to data, if a person spent $20 on an item back in 1913, the same service, product, or item will cost $528.45 today.


That’s a cumulative rate of inflation of 2542.2% over the course of 107 years. But the U.S. inflation rate per annum is allegedly only 1.50%, according to 2021 data stemming from worldpopulationreview.com. The UK’s inflation rate is roughly the same as the United States according to current stats as well. Alex Gladstein: ‘1.2 Billion People Live in Countries Experiencing from Double or Triple-Digit Inflation’


The rate of inflation in the U.S. is paltry compared to many other countries worldwide. The chief strategy officer for the Human Rights Foundation, Alex Gladstein highlighted this issue on Monday in a series of tweets. Gladstein is also a bitcoin (BTC) proponent and has been an evangelist for the leading crypto asset for quite some time.


“Many might think that extreme inflation is a rare occurrence in today’s modern world,” Gladstein said to his 27,000 Twitter followers on Monday. “That’s simply not the case. There are 1.2 billion people currently living in countries experiencing double or triple-digit inflation,” Gladstein insisted. Current inflation rates by country data stemming from worldpopulationreview.com statistics on March 9, 2021.


Then the Human Rights Foundation (HRF) team member rattled off 11 countries with inflation ranging from 10% – 20%. He included Haiti, Nigeria, Turkey, Sierra Leone, Uzbekistan, Guinea, Liberia, Pakistan, Kyrgyzstan, Ghana, and Tajikistan. The HRF member’s stats can be compared to worldpopulationreview.com’s inflation rates by country 2021 list.


Additionally, Gladstein listed ten countries “with inflation north of 20%.” Gladstein wrote that this list includes Ethiopia, Zambia, Libya, Congo, Angola, Yemen, South Sudan, Argentina, North Korea, and Cuba.


Gladstein further tweeted six countries that have inflation rates north of 50%. The six countries the HRF member listed include: Iran Lebanon Syria Sudan Zimbabwe Venezuela


“It is hard to get good inflation data for most countries,” Gladstein added. “This analysis was done comparing a handful of the top sources. Some vary significantly. Additional countries are going through revolutions/coups and are experiencing currency shocks, but fresh data is hard to find,” the HRF chief strategy officer said. Gladstein insists that it is “clear that some [governments] fabricate economic data and that things on the ground are far worse than what they report.”


Gladstein concluded: Either way, in sum, there are more than a billion people whose currency is quickly shrinking in value. Many have already found an escape in Bitcoin.


Comparing Gladstein’s analysis on Twitter to the data stemming from worldpopulationreview.com stats and a number of other currency inflation aggregators shows that his data is solid. It means that the 1.2 billion inhabitants on earth are seeing their purchasing power erode much faster than in the U.S. or in Europe.


The diminishing purchasing power in these countries has forced global citizens to find safety from inflation. Comparing the fact that many of these countries with inflation rates north of 20% to even 50% are seeing bitcoin (BTC) prices reach all-time highs and even global premiums, shows demand for BTC is much higher in these regions.


What do you think about the Human Rights Foundation’s Alex Gladstein and his inflation analysis? Let us know what you think about this subject in the comments section below. Biden"s $2 Trillion Relief Package the Largest Stimulus Payments to-Date, Plan Showers Money on the Bureaucracy ECONOMICS | 1 day ago US House Representative Ro Khanna Lauds BTC Which "Cannot Be Devalued"- Calls for Less Carbon Intensive Mining ECONOMICS | 2 days ago Tags in this story 1.2 billion, Alex Gladstein, Bitcoin, Bitcoin (BTC), BTC, Currency Inflation, Double-Digit Inflation, economics, HRF, Human Rights Foundation, Hyperinflation, inflation, Inflation Data, Iran, Lebanon, Sudan, syria, Venezuela, Zimbabwe


Image Credits: Shutterstock, Pixabay, Wiki Commons, worldpopulationreview.com, usinflationcalculator.com, Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

BENQI and Avalanche Launch $3M Liquidity Mining Initiative to Accelerate DeFi Growth
BENQI and Avalanche Launch $3M Liquidity Mining Initiative to Accelerate DeFi Growth press release PRESS RELEASE. BENQI, an algorithmic liquidity market protocol,
Amaka Nwaokocha1 hour agoBinance approves Shiba Inu as collateral assetThe cryptocurrency exchange also announced the addition of 22 cryptocurrencies as loanable and collateral assets on its Flexible Loan and VIP Loan se
Nigerian Mobility Fintech Secures $20 Million From British Development Finance Institution
Nigerian Mobility Fintech Secures $20 Million From British Development Finance Institution A Nigerian fintech, Moove, recently secured a $20 million investment from British Interna
Derek Andersen9 hours agoFranklin Templeton files for spot Bitcoin ETFSeveral prominent financial institutions have filed for spot Bitcoin products in recent months.6353 Total views24 Total sharesListen to article 0:00Ne
Bitcoin Stock To Flow Model Reveals $500,000 Price Target
Este artículo también está disponible en español. According to data from CoinMarketCap, Bitcoin (BTC) has gained by 0.66% in the past 24 hours with its market price now h
Galaxy Research warns of sustainability issues for Bitcoin layer-2 rollups
Amaka Nwaokocha10 hours agoGalaxy Research warns of sustainability issues for Bitcoin layer-2 rollupsThe future of Bitcoin rollups will depend on continued innovation and optimization in data compression and scalability.
Cannabis Buzz Harshed by Regulations, Cash Shortage While Cryptocurrency Is Ready to Light Up
Cannabis Buzz Harshed by Regulations, Cash Shortage While Cryptocurrency Is Ready to Light Up Recent reports show that major marijuana companies are running out of money, and bus
KyberSwap DEX hacker sends an on-chain message: Be nice, or else
Brayden Lindrea4 hours agoKyberSwap DEX hacker sends an on-chain message: Be nice, or elseThe exploiter behind the $46 million KyberSwap hack says they plan to outline a treaty for the potential return of funds on Nov. 3
Ezra Reguerra11 hours agoBinance launches AI-powered NFT generator for KYC-verified usersBinance said it will provide 10 free chances for users to generate artwork every day.2966 Total views21 Total sharesListen to artic
Short-Term Bitcoin Holders See 10% Profit – Potential Impact On Price?
Este artículo también está disponible en español. The Bitcoin market experienced a modest recovery over the past week following the 15.7% correction in the latter half of
Cashfusion Far More Practical Than Other Coinjoin Protocols, Says Data Analyst
Cashfusion Far More Practical Than Other Coinjoin Protocols, Says Data Analyst On January 29, data analyst James Waugh decided to test and see if the Cashfusion protocol was real
Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors
Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors Less than a week ago, Brett Harrison, the former president of FTX US, published a 49-part