Bitcoin’s Tiniest Fraction Is Worth More Than Several Fiat Currencies (Rial, Dong And Rupiah)
Bitcoin’s Tiniest Fraction Is Worth More Than Several Fiat Currencies
Bitcoin (BTC), the largest digital asset in the world, is becoming more expensive as time passes. The tiniest fraction of a Bitcoin, a Satoshi – which is worth 0.00000001 BTC – is worth more than several fiat currencies.
A Satoshi Is Worth More Than Several Fiat Currencies
The Iranian Rial (IRR) is one of the currencies that is worth less than a Satoshi. Each unit of this currency is currently worth 0.00002375 USD. Each US dollar would allow users to purchase over 42,100 rials.
Iran has one of the most devaluated currencies in the world due to bad policies, including sanctions from the United States. Inflation in the country could reach as much as 40 percent this year and the economy will be retracting due to sanctions and a massive devaluation experienced by the Rial.
The Vietnamese Dong is also similar to the Rial. With 1 Vietnamese Dong (VND) is worth 0.0000428781 USD, according to XE. Each dollar would be exchanged for 23,321 VND. There are different banknotes created by the Central Bank of Vietnam. The institution is currently printing bills that start at 100 dongs and the largest goes up as much as 500,000 dongs.
It is worth mentioning that these figures are nominal and they do not take into account purchasing power or PBI/cap. The country is currently booming, there are several investors placing their funds in Vietnam and the inflation rate is just over 4 percent.
The Indonesian Rupiah (IDR) is another currency that is worth less than a Satoshi. Although Indonesia seems to be a powerful country with a large population, it has an uncertain economy and very high inflation rates. In nominal terms, the currency has fallen to its lowest point against the USD in 20 years.
Nonetheless, it is not possible to purchase goods and services with digital currencies because, as in Vietnam, the country has banned digital currencies.
There are many other currencies around the world that are performing very bad and that do not allow individuals to make plans or save money. We are talking about the Venezuelan Bolivar and the Argentine Peso that have experienced large devaluations and their respective countries are experiencing massive inflation rates.