Satoshi To Cent Parity Is Coming To A Country Near You

in LeoFinance8 days ago (edited)

Hey Jessatoshis

This BTC bull run may not be the biggest in terms of percentage moves, but man, has it been the biggest when it comes to the nominal value.

Hitting the 1 Trillion dollar market cap and smashing 50k is no small achievement as it breaks new all-time highs almost every month.

Since the US dollar is the world reserve currency, the focus on BTCs value is primarily compared to USD, which means other currency all-time highs often fly under the radar.

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The case for BTC worth $1 Million

Calling for BTC to hit $1 million sounds delusional right now as we only broke $50 000 recently, but we have to remember that none of these numbers means anything. They are purely psychological milestones.

Value is perception; while a million dollars is still a lot of purchasing power, it’s nowhere near as much as it was 10, 20, or 50 years ago when we started this fiat experiment.

The more currency units we create each year means the existing supply of units losses it’s purchasing power when compared to other things that hold value, like food or, in this case, Bitcoin.

Counties worldwide are under massive economic stress, and instead of letting things reset and fail, more money is printed to try and stem the bleeding.

As currencies are seen as the soft underbelly of economies, this sacrificial lamb is lead to the slaughter in a bid to appease the MMT gods and keep the ship afloat.

The problem with currency printing is each country is at a different level of devaluation. Developing and poorer nations like my own, who are further down the totem pole, get to experience the devaluations first, and we can see that by the value of a Bitcoin in a range of local currencies.

Bitcoin already worth a million

If we take a look at various currencies around the world, we can see that 20 of them have already devalued to the point where Bitcoin is the better currency. The Satoshi is equal to or worth more than 1 cent in their national unit of account.

  1. Iranian Rial
  2. Indonesian Rupiah
  3. Colombian Peso
  4. South Korean Won
  5. Chilean Peso
  6. Kazakhstani Tenge
  7. Hungarian Forint
  8. Sri Lankan Rupee
  9. Pakistani Rupee
  10. Icelandic Krona
  11. Nepalese Rupee
  12. Japanese Yen
  13. Argentine Peso
  14. Russian Ruble
  15. Indian Rupee
  16. Philippine Peso
  17. Mauritian Rupee
  18. Thai Baht
  19. Taiwan New Dollar
  20. Czech Koruna
  21. Mexican Peso

Bitcoin continues to hit millionaire status

Bitcoin is coming for millionaire status in a country near you. When it does, many will realise the value of a satoshi as it hits 1 cent parity with the major currencies of the world.

The next 5 countries looking likely to fall into the satoshi parity zone will be:

  1. South African Rand
  2. Botswana Pula
  3. Norwegian Krone
  4. Swedish Krona

This could happen once BTC hits around $75 - $80k, which I think is possible in 2021 alone.

Developing nations have a chance that they’ll piss away

Smaller nations with shit currencies that have already devalued to the point where the Satoshi would make monetary sense to use as a unit of account have a chance to price goods and services in deflationary money that will value labour make price discovery easier.

It can bring greater efficiency of capital use and also reduce the number of inefficiencies in the legacy banking system in these countries. In my own remittances is a massive business done via text messaging, voucher codes to ATMs and store credit.

BTC could combine all of that and make it more interchangeable and give consumers more freedom and ownership of their money.

If you know anything about developing nations, you’ll know they tend to piss away most of their opportunities through corruption and infighting.

Instead of accepting the chance to adopt a new standard and reset, they will continue to hold on to fiat to the detriment of their own people.

It’s not to say fiat should be abolished in these counties, but if you’ve already hit 1 cent to satoshi parity or higher, why not make BTC legal tender and allow it to compete with your local currency.

Give the market a choice and see what people decide based on the economic incentives each currency provides.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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What I am reading here, is that 0.01 bitcoin makes me a Mexican millionaire.

I can't wait until this pandemic is over and I can hang out with all my Mexican cousins. They tend to shrug away any wages or wealth I accumulate because its in USD and USD must be easy to aquire if you live in the US.

But bitcoin. We can all buy BITCOIN.

LOL.

This is one of the my favorite posts you have written. Thank you for this perspective.

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Owning a million satoshis right now is not pocket change
you need almost US $500 for it.
This number will continue to rise
where a million satoshis will not be
affordable in the near future.

!BEER

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My math must be off. I was thinking that I needed $5000 to have that - and that seemed a bit off from making me a Mexican Peso Millionaire.

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Lol 1 million Sats is 500 bucks since it’s 100 mil Sats to have a full Bitcoin, either way you still well far off being a mexican millionaire

This made me want to buy 1,000,000 pesos. Then I realized that the million pesos will look cool in my hands but will devalue, while bitcoin will keep rising (and falling and rising again).

I keep a million Sats plus in lightning ⚡️ for this season soon it will be unaffordable and having a million Sats to spend instantly whenever I need it makes sense to me! I don’t see the problem with a certain amount of BTC becoming unaffordable! In any economic system the best capital allocators retain the most capital

Wow, as many as 21 countries already have parity, didn't realise it was that many! I think I read somewhere that Iran government is going to be mining it and Venezuela government already is.

Hope you're picking up more sats today on the correction!

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I wasn't lying when I say most of the other countries currencies are way down the poop shoot already and are used as fall guys to prop up developed economies and then splash on some corruption and infinite incompetence and you've got a sweet recipe for faster currency devaluation.

Even with Bitcoin, I still see currency and resource migrants will become bigger as people give up on their nations

Definitely. People will just be able to travel around the world, store their seed phrase in their head and set up shop somewhere else. I heard that as soon as you get paid in Argentina, you have to spend it because by the end of the day, the value has decreased of the peso!

Lol that’s some hardcore devaluation I would set up a direct deposit and straight into BTC I go or a few stable coins to pay bills! How would you even pay your bills or work or do your taxes if it keeps falling like that?

I am watching the US money system fall, which makes it easy to sign up for big mortgages.

The more it gets devalued, the less that mortgage payment seems - especially if instead of making "extra payments" I store value in bitcoin, and then pay off large chunks at a time.

Shoot, I just made my plan on how I am going to pay off my mortgage...

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Lol why pay it off then? In that case wouldn’t it be wise to Refinance take out even more cheaper dollars and buy some real assets and keep that machine churning? Or if you paid off your home can you still use it as collateral and pull out cash against it?

Could be a cool way to pull out dollars with the lowest interest rate and then buy some assets

That’s a big list dude
Stacking Satoshi looks like going to payoff finally once it’s a legal tender in most countries.
Which looks like a near future reality now.

People should have the choice to use which currency they want to choose but banks are afraid of bitcoin a big time 😂

LOL, that's what I'm thinking, the more sats I have and the more countries fall into satoshi parity that means I can go travel there and they will be more than willing to take my Bitcoin as payment :)

yes each satoshi worth more then a cent in my Indonesia Rupiah, as my currency is one of the weakest country in the world. hoping that my country will have a better regulation in using crypto for legal transaction

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I’ll be joining you shortly once BTC hits 66k US we will have 1 cent Satoshis here so I’m loading up on as many cheap Satoshis as I can before that happens

Right, when your currency is dropping against BTC like that, its a race to store value.

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That’s why I’m so greatful for all these pull backs, it gives me a little extra time to load up don’t know how long I have before we break satoshi parity and the way things are looking 2021 will be my last year eeeek

If aliens were to land on earth, they'll probably be surprised we don't have a global currency yet. We will need one for inter-planetary trade :)

Lol no wonder Elon is securing his Bitcoin :P, so you can HODL to the moon or youc an really HODL and live on Mars

Wow. That was a surprise. There were a few currencies in those lists I would never have guessed would be there. Not from any economic knowledge obviously, but from personal perception. Food for thought!

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It’s actually mind blowing how quickly it’s happening BTC is has already hit 1 kg worth of gold too, well it’s pulled back now but it was there at around 57k so every unit of account I feel could break down agaiNst BTC

It’s crazy to think that over 20 counties could function on BTC right now in terms of pricing and no one would feel/know the difference with the value they are exchanging

It’s crazy to think that over 20 counties could function on BTC right now

It really is. And even crazier just which some of those countries are. 😱

!ENGAGE 20

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Which one are you most surprised by? Lol don’t leave me hanging

Which one are you most surprised by? Lol don’t leave me hanging

Iceland because I always think of that as a super expensive country with a high standard of living. Although I do remember that a number of banks went over or had to be bailed out in the UK because they were invested in Banks in Iceland so I suppose it's related to whatever that was.

Hungary because I visited recently and it didn't look poor, although thinking about it everything cost a lot (in number) of Forints.

Japan, because I'm still stuck in the decade when they were a leading economy. I watched a video recently where there was talk about the dire economic situation in Japan and was surprised to hear about it.

And, in the up and coming ones . . . Norway and Sweden for the same reason as Iceland,

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You make a good point about assumptions and yes we do assume a weaker currency in terms of the number I get when I exchange a number of USD for example for another currency makes it weaker and in a sense the rule makes sense but like anything in finance it’s not absolute

You can have a “weaker” currency but a stronger economy and standard of living because you still produce goods and services at a competitive rate

Yes Iceland is a small population that let a few bankers ruin their economy in 08 and lose all their pensions and suffer greatly. Japan is basically where Europe is headed now as they’ve had a declining market 30 years now

Norway and Sweden are pretty well off they also just have to play the currency game, they are both exporter nations and if their currency is too strong since they don’t use the Euro they need to force devalue it to remain competitive

It’s all a crazy game of beggar they neighbour, who knows where this experiment will end up

Where I am in South Africa we’ll devalue pretty fast because unlike the Sweden and those our credit rating is 1 above junk so once we roll over to junk investors pull out and it’s an even bigger mad dash to print so I’m pretty bullish on Satoshis locally and stacking up

Hopefully I can take my Sats to one of the other 27 countries

It all sounds so complicated. How come you know so much about it? Did you study economics or are you just interested?

And, on a completely different note, what part of South Africa do you live in?

I lived in Durban for a year, a very long time ago, doing research at the University.

!ENGAGE 30

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LOL sadly I am interested in it, when I started working I had the usual plan work, earn money, save buy a home and when I applied for my first home loan and it was dog shit rates for very little money I am like something here doesn’t make sense and I started going down the rabbit hole and after 6 years here I am lol still very much learning and I’m glad I read all that boring stuff

Oh wow what a crazy world, I’m in Cape Town so other side!

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I recently read about Japan and was very intrigued as well. In the 80's they had mortgages that spanned generations, and now they have vacant homes and forests are reclaiming the land.

That's why I had so many babies. LOL.

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!ENGAGE 20

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