from Coin Gecko
Introduction
Hyperinflation, an economic disaster characterized by astronomical hikes in price of goods and services, and the resultant overnight erosion of a currency’s value, has become synonymous with the economic devastation that countries such as Venezuela and Argentina have experienced.
While traditional approaches, like currency redenominations or price controls, do little to remedy the situation, cryptocurrencies such as Bitcoin or stablecoins are increasingly becoming attractive alternatives. With Bitcoin’s independent and decentralized nature, as well as stablecoin offerings that are tied to more reliable fiat currencies, such as the US dollar, these virtual assets have created a beacon of hope in protecting one from the worst forms of inflation. But will crypto be able to provide a truly sustainable solution for economies teetering on the edge of collapse?