As the war between Russia and The West rages on, folks living across Europe (and the world) are bracing for much higher energy prices this winter than they have ever faced. The increase in the price of liquid natural gas and other fuels is literally threatening the lives of thousands of Europeans. To help confront this looming disaster, Britain's new prime minister, Liz Truss, announced a plan Thursday that aims to help Britons pay more expensive utility bills due to the worsening energy crisis across the country.
In August, the Bank of England cited several factors squeezing the British economy, including a "near-doubling in wholesale gas prices since May" and "Russia's restriction of gas supplies to Europe." Last week, Russia shut down its main gas pipeline to Europe indefinitely, which threatens to leave millions of homes in the cold this winter.
Under the Energy Price Guarantee plan, domestic energy costs will be capped for millions of homes and businesses across Britain. The total cost of the plan is projected to be around $115 billion, but it would provide relief to many citizens who are struggling under the weight of rising energy prices. "We are supporting this country through this winter and next and tackling the root causes of high prices so we are never in the same position again," Prime Minister Truss added, according to The Times.
America is not doing much better. Along with the rising cost of necessities such as fuel, groceries, transportation and consumer goods, many Americans are facing clean water shortages and deteriorating infrastructure.
Considering these recent developments, it is unlikely that people will be willing or able to convert a significant amount of fiat into bitcoin in the near future. It would not be surprising for the price of a bitcoin to remain around $20,000 for another six months or more before reaching new ATHs (all-time highs).
This will be an opportunity, allowing those who are able to convert even a few fiat dollars into satoshis each week or month a chance to accumulate more bitcoin than they will ever get to accumulate again. As they say, act accordingly friends, and don't be afraid to ask questions when you have them.
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