Mainstream media has a tendency to discredit anything in the financial world that is not controlled by governments or central banks. Without employees who are knowledgeable about how the financial system works, and why Bitcoin provides a viable alternative, mainstream media coverage is nothing more than propaganda these days. If it weren’t, someone would have paid attention to the Ruble, which is crashing incredibly hard for nearly a year now.
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Russian Ruble Is Dying But No One Cares
One thing many people fail to realize is how volatility exists in every type of currency, asset, or other vehicle for value. While the US Dollar may be the world’s economy currency for the time being, other fiat currencies are fluctuating wildly on a daily basis. Take a look at the Russian Ruble, for example, which has been going on a rollercoaster ride throughout the last year.
Mainstream media outlets have been paying little to no attention to this fact, partially because relationships with Russia are not as stellar as they could be. But at the same time, the world deserves to know fiat currency is far less stable than people have imagined, even though it is “backed by tangible assets’. By the look of things, those tangible assets are losing a lot of value in Russia.
In May of 2015, one US Dollar was worth 48.67 Russian Ruble. It has been a while since the exchange rate was that favorable for the Russian population, and things were looking bright regarding economic growth. Fast forward to today and one US Dollar is worth 82.90825 Russian Ruble. Needless to say, the Ruble has lost close to 50% of its value in less than a year,
Finding any media headlines about this steep decline will be a difficult job as you won’t find any. The ones that can be accessed are rather short, and buried below other news, just to create the illusion everything is fine in the financial world as we know. But let’s be honest there: the financial ecosystem is crumbling and crashing, and there is no stopping this trend anytime soon.
Looking at the USD/RUB charts, there is no improvement in sight for this fiat currency any time soon. However, no one is declaring the Ruble “dead’ by any means. At the same time, mainstream media has declared Bitcoin to be dead a few dozen times already, even though the digital currency is still standing strong and the community keeps growing.
Bitcoin Is Resilient
One major thing Bitcoin has going for it is how the digital currency is very resilient when it comes to volatile price swings. Unlike fiat currencies, who struggle to recover without financial injections from central banks, the Bitcoin ecosystem has been able to recover fairly quickly every time without any third-party intervention.
There are multiple ways for an economic tool to regain some of its lost value, but the traditional world can only keep things afloat artificially afloat for so long. Digging a new hole to fill up a previous hole will only work so many times, and the financial sector is feeling the brunt of that effect right now. Bitcoin never had to dig any holes and is skipping along the turf without worries.
Source: XE
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