Bitcoin: A Harbor in a Currency Storm for Belarus and Ukraine →
Two countries that have recently faced massive currency devaluation, of a magnitude that would have significantly impacted the standard of living of its populations, are Belarus and Ukraine.
Over a period of three months in late 2008, in the wake of the global financial crisis, Ukraine’s currency, the hryvnia, was devalued by 38.4%. This wasn’t the first time Ukraine had seen its currency crumble, with an even more significant devaluation happening in 1998, on the order of 69%.
More recently, on May 23rd of this year, the Belarus ruble was devalued by 56% in an effort by the country to address its overwhelming sovereign debt.
Is it any wonder then, when we look at the list of the top 15 Bitcoin-using countries, and divide the number of connected clients over the last 24 hours by the number of Internet users in each country, we get this?
