The people of Zambia woke up on Friday to discover that energy prices had gone up by some odd 40+%. This is coming after the government devalued the currency by 30% due to depleting foreign currency reserves.
In real terms, the people of Zambia just got a 30% cut in their wealth overnight. Earning an income in Zambian kwachas? Have financial assets in ZMW? Too bad, your income (assets) will have to go up by at least 30% to keep up with the devaluation.
Imagine saving for retirement and waking up one day to realize you’ve lost 3 years worth of savings out of the last 10!
#Bitcoin fixes this.