Inflation is a very real problem in specific parts of the world. In most cases, once there is a specific level of inflation, there is very little one can do about it. Hardly anyone will be surprised to find out the top countries are all located in either South America or Africa. Bitcoin could make a significant impact in all of these countries over the next few weeks, that much is certain.
Ethiopia is a country where inflation has been running rampant for quite some time. It is also a country where internet access is almost more expensive than renting a small flat. No one will be surprised to learn the inflation rate is sitting at 23% as of 2012, albeit it is expected that number has increased significantly ever since. African countries have been dealing with inflation for several years now and there is no end in sight.
Sudan is an interesting region that most people know by its official designation as “North Sudan”. Even though Sudan is Africa’s third-largest country, it is not as prosperous as some might expect. Ever since the civil war caused the country to split in two, inflation rates have gone up quite a bit. The latest official numbers put the rate of inflation at 32%, albeit it may have gotten much worse over the past few years.
The country of Syria has gotten a very bad reputation over the past few years, due to its ties with ISIL training camps. A lot of people who are looking to fight in this “Holy War” end up going to Syria before they can become an official Jihadi. Syria is also dealing with the world’s 4th highest inflation rate. In 2012, the rate was 37%, albeit the past few years have certainly bumped that number up quite a bit.
With two South American countries in the top 3, it is more than evident something will need to change in the region. As of November 2016, the inflation rate in Argentina is 41%. That is a lot lower than most people may think, yet it still means things are ridiculously expensive right now. Bitcoin has been making minor inroads in the country so far, albeit there is still a very long way to go before the popular cryptocurrency becomes a mainstream trend.
2. South Sudan
It is somewhat unusual to see the Southern part of Sudan suffer from a higher inflation rate than its Northern part. Then again, South Sudan became independent as of 2011 and the country has had to battle a lot of issues ever since. With inflation sitting at 79%, the situation is looking borderline hopeless right now. Moreover, the region’s total debt accumulation figures remain unclear even to this day.
No one should be surprised to see Venezuela being the “winner” when it comes to national inflation rates. It has to be said, Venezuela is in a league of its own in this regard. Official numbers project an 800% inflation rate for the country, a number that is expected to nearly double in the coming year. The country is not too keen on bitcoin and more specifically, those who mine it. Several arrests have been made throughout the years, all of which relate to bitcoin mining activity.
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