INFLATION AND SELF CONFIDENCE

That the world economies are experiencing massive inflation is not news. Everyone keeps lamenting about the constant surge in the price of goods and services and the constant decline in the value of fiat currency. The last "economic melt down" ushered in the world of cryptocurrency. Could it be that the inflation happening globally is a testament to the fact that cryptocurrency is about to gain massive acceptance?

Let's pause for a moment. I am not an expert in cryptocurrency. In fact, I am still a beginning beginner, if you know what I mean. Having to learn a completely new vocabulary that crypto offers coupled with the fact that there are a lot of developer terms I have to learn to understand, It is like learning to read and write all over again, only this time as an adult.

But I don't need to be an expert in crypto to read what is happening. I don't need to have an in depth knowledge of the market to realize that the inflation that is global could, possibly, very likely, give rise to the world wide rise of cryptocurrency. I don't know, I am just speculating.

But isn't that what most of us do? Speculate? We cannot always say for sure that this is what would happen and this is how it would happen. And it gets worse when self confidence begins to go down. it actually degenerates to self doubt. A person beginning to second-guess his choices. This is a reality that is becoming more apparent as the inflation eats deeper into the economy.

I can only speak for Nigeria where I live and work. And I know that the inflation has reduced the self confidence of a lot of folks I know. How did this happen?

Haba madam, you dey sell this thing at X3 the price we dey normally buy am oh..

Customer no be my fault, everything don cost... na so we see am oh.

This is the typical conversation in the market these days, and it seems the rate of inflation is gaining more speed as the elections in Nigeria are only 9months away. Things have never been this bad.

The price of goods and services are on the rise everyday and this has affected the average purchasing power of every Nigerian. But the truth is that it is not just the purchasing power of Nigerians this affects, it also affects the way Nigerians are able to think about the future.

What this does is that it puts everyone in "survival mode". Everyone is working to survive. No one works in anticipation of a future, because If you fail to eat and die of hunger, there would be no future to anticipate.

This survival mode makes people only think about themselves, how much money they can earn and what is it for them. More so, their expenses begin to hover around survival, food, shelter and clothing. Everything else can go down the drain...including their own sense of self worth.

I know that money and self confidence go hand in hand. Especially for a man. A Nigerian man looses his sense of self worth the moment he looses his money. Because all people think about is survival, they don't think about ways to even multiply their money. They loose focus from the things that matter in the long run and pursue things that can satisfy them in the immediate.

With self worth down, the Nigerian cannot boast of confidence in himself or what it is he can do. He would always be doubtful of himself no matter how qualified and experienced he is for a job. This might not be the case in many other places abroad, but it certainly is the case for most Nigerians.

As inflation rises and self worth plummets, the ability of people to sell themselves for worth they are worth begins to take a nosedive. People are no longer confident enough to ask for what they are worth as salaries. This metamorphoses into a vicious cycle that doesn't seem to ever end.

Like I said earlier, crypto might just be the answer in all this inflation we are seeing. ehh.. but even the crypto market is experiencing a dip... It is a dip not inflation, it would rise again... but you see that fiat currency? If history has taught us anything, it is that once inflation hits the value of the fiat currency, it is a downward slope of no return.

That's all I can say for now...

Stay Jiggy.

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