Hello Everyone,
With inflation kicking hard globally it has had an impact on several countries with some suffering more than the others. My country happens to be hit hard with it's exchange rate and currency depreciating badly. This has led me to a moving to a more stable currency in the USD.
The performance of the USD has been quite impressive seeing how it does so well among it's others pair. Not too long ago the euro and dollar became equal. While the UK was going through a lot, the dollar was thriving.
After doing a recalculation of a dollar to the Naira since January 1st, the difference has been quite clear seeing how the dollar performed much better during times (560/$ as against 665/$ as at the time of writing this post). Even though the CBN posed a threat on banning citizens buying dollar I even more motivated to continue buying as that statement tells a lot.
With the economy of my country not looking to get any better and with the election coming up in the coming year, I only fear the Naira currency will fall much further. To avoid losing value for my money worth, the plan is to increase my savings in the dollar via the HBD.
Are you saving HBD on hive or pHBD on PolyCub? You might want to consider it especially if your currency is worsen like mine. Also coupled with the 20%, it's a much better deal.
Thanks for Reading
Posted Using LeoFinance Beta
Saving in HBD is a great start, I'm doing the same since the APR went to 20% and I also buy gold and silver as well.
I dunno, I have a bad feeling this HBD rate can’t last. I hope I’m wrong but longterm I’m not. It’s just math. All I mean to say is don’t put all eggs in that basket. But I know that, I just hope others who seem to be putting all in don’t loose big when the rate drops and we might see a crash from so called peg. We shall see
I thought I was dreaming when the Witnesses bumped up the APR to 20% from what was already a great rate. Last or not, I'll take advantage of it until otherwise. Life can be a bit of a dice roll.
And thanks for the Bonus HBD.
Comparing USD to Naira is like comparing one dirty shirt to an even more dirty shirt, they are both inflating just one more noticeably than the other as we get closer to hyperinflation.
Get BTC and other crypto currencies and/or precious metals and other hard assets if you want to hold onto your savings.
True & true!
But with the HBD I don’t see it as a good investment. Real inflation is double the 9.1% CPI, so HBD 20% is not safe and after taxes and risk ur only hardly keeping up with inflation. 20% is still a good get but I believe it’s impossible to keep that going. It’s just a bummer to me so many post about how it’s safe forever ( I don’t mean u, I just mean generally). I don’t think the HBD story ends well. Honestly I wish we’d fork it out all together and focus on Hive token itself more.
20% mathematically can’t last and with real inflation being close to 20% it’s not something I wanna to bet on.the dollar is garbage longterm so to me it’s like ok this reps the dollar and governments want to tax the high ARP’s on crypto like income not like gains in most nations then the risk it’s just not gonna end well I’d assume.
I am doing both ☺️
Posted Using LeoFinance Beta
Congratulations @jersteemit! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 45000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP