That said, because this tool is a measure of interest, the spike could be referring to 10 searches or it could be 100,000.īut in a country that has long relied on physical cash for virtually all transactions, not many people have the option to let their savings sit in a bank account, let alone a digital wallet. Google trends data shows that web searches in Afghanistan for "bitcoin" and "crypto" rose sharply in July just before the coup in Kabul. But he's since gotten the swing of managing his digital assets, thanks to Twitter and tutorials on YouTube. "At first, I lost a lot of money," he said. With all flights cancelled and no other options for departure, Ramin realized he needed to find alternative ways to support himself while stranded in Turkey during the pandemic-related shutdown. After the Turkish currency began to spiral, Ramin said his capital was cut in half, and he was forced to conserve it. "I converted all my money to the lira," he said. A one-week, mandatory Covid quarantine ballooned into six months. In 2020, on what was meant to be a brief layover on a trip from London to Kabul, Ramin got stuck in Turkey. Ramin had been burned before by a rapidly depreciating currency, and decentralized digital money had proven to be a trusted safeguard. But unlike other Afghans in line with him that day, months earlier, he had invested a portion of his net worth into crypto. "They've realized the regime has collapsed" and that those they are lending to "might not have a job tomorrow," said Paykhar.Ī few days before the Taliban entered Kabul, Musa Ramin was among the people who queued outside a bank in a fruitless attempt to withdraw cash. He said that many who live paycheck to paycheck were, at first, borrowing money from others to get by, but now, those able to lend out cash have started conserving their funds. Sangar Paykhar, a Kabul native currently living in the Netherlands, has been in constant touch with relatives there in recent weeks. I'm interested in the crypto world, because I have earned a lot, and I see a lot of potential in myself that I can go further," he said.
"I have very, very, very limited resources to do anything. It also offers bigger promises down the road: Access to the global economy from inside Afghanistan, certain protections against spiraling inflation, and crucially, the opportunity to make a bet on himself and a future he didn't think was possible before learning about bitcoin.
"In Afghanistan, we don't have platforms like PayPal, Venmo, or Zelle, so I have to depend on other things," said Hotak.Īfghanistan still mostly operates as a cash economy, so money in Hotak's crypto wallet won't help him put dinner on his table tonight, but it does give him peace of mind that some of his wealth is safeguarded against economic instability at home. He has also been keeping a very close eye on his crypto portfolio on Binance, as the local currency touches record lows and nationwide bank closures make it next to impossible to withdraw cash. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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