The recent Pakistani election, anticipated to solidify a prominent figure’s bid for power, instead witnessed unexpected turmoil, plunging the nation into internet blackouts for the better part of the week. This disruption dealt a blow to various sectors, particularly the tech industry, causing a significant dent in exports and remittances from IT services.
According to a seasoned market expert, Pakistan’s tech exports suffered a substantial setback, with estimates indicating a drop from December’s record exports of $303 million to potentially between $200-250 million in January. Freelancers and Bitcoin traders, operating through third-party platforms, bore a significant portion of these losses.
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The economic ramifications of internet outages are increasingly apparent, with global losses estimated to reach staggering figures annually. Moreover, concerns loom over the US economy, burdened by a monumental $34 trillion debt, which could potentially trigger a global economic meltdown. This uncertainty has led to a surge in investments in alternative assets like Bitcoin, Ethereum, and XRP.
The recent bullish trends in cryptocurrencies, fueled partly by anticipated US market surges, have drawn attention from investors worldwide. However, experts warn of an impending economic downturn, emphasizing the fragility of the US dollar and advocating for diversification into digital assets.
Despite the apprehensions, some Pakistani investors see cryptocurrencies as a viable hedge against the instability of traditional currencies. They view digital assets as a promising avenue for investment, especially amid growing concerns over the future of the US dollar.
Cryptocurrency experts remain optimistic about the future trajectory of assets like Bitcoin, projecting significant price increases driven by various factors including supply shocks and institutional investments. While uncertainties persist, a segment of Pakistani investors maintains a bullish outlook on digital assets, balancing optimism with caution amidst economic turbulence.
