Bitcoin’s Satoshi Unit Is Currently Worth As Much As A Vietnamese Dong and Other Fiat Currencies
- Each Satoshi is currently worth more than many other fiat currencies around the world
- Some fiat currencies do not allow individuals to store value
Bitcoin (BTC) and digital currencies have been expanding around the world as a form of money for users to make purchases and transact funds. However, several critics complained that the virtual currency had no stable value and that it would never work as money. Nowadays, each Satoshi, the smallest part of a Bitcoin, is worth more than some national currencies around the world.
Each Satoshi Is Worth More Than Some Fiat Currencies
There are some currencies around the world that have very large denominations but low value. This is the case of the Iranian Rial, the Vietnamese Dong and the Indonesian Rupiah.
According to the Twitter user Rhythm, the smallest denomination of Bitcoin, a single Satoshi, is now worth more than the aforementioned national currencies.
According to some users, it is possible to purchase a beer for as low as 16,000 VND, or 8,700 Satoshis at the time of writing this article with the price of Bitcoin close to $7930.
There are some currencies that are worth less than the paper used to print them. Indeed, the Venezuelan Bolivar is worth nothing and individuals in the country are moving to other digital assets and currencies.
Currently, one Satoshi is worth just 3.3 Iranian Rial, 1.8 Vietnamese Dong and 1.1 Indonesian Rupia. However, if each Satoshi would be worth U$D 1 each Bitcoin would have to be worth $100 million, which is something that does not seem possible for the next years.
1 Bitcoin Now Trading At Nearly $8,000
This shows that there are countries that have experienced many problems with their fiat currencies. Indeed, they are not able to help users store value. Countries with high inflation rates create problematic conditions for citizens that search for other methods to deal with money.