Global p2p bitcoin lending platform Bitbond today announced the launch of bitcoinppi.com: the world’s first Bitcoin Purchasing Power Index.
Building upon the legendary Big Mac Index set up by The Economist in 1986, the Bitcoin Purchasing Power Index shows users how many Big Mac hamburgers they can buy with one bitcoin. bitcoinppi provides a global average index as well as local indices by country.
By taking a universally uniform and accessible product like the Big Mac hamburger, and denoting how many can be bought with a single bitcoin, bitcoinppi.com shows users the everyday value of bitcoin in an easily digestible way.
Additionally, bitcoinppi.com allows users to check the local purchasing power of bitcoin measured in Big Mac’s. This is advantageous because bitcoin exchange rates and Big Mac prices differ from country to country.
CEO & Founder of Bitbond Radoslav Albrecht said: “The use-cases for bitcoinppi.com are manifold and showcase Bitbond’s desire to bring further value to the bitcoin ecosystem. By launching this site, we aim to bring a lighthearted yet highly usable index signifying the products that one bitcoin buys you.
The index comes with a comprehensive API to let everyone access the data and use it for their own purposes. Even the bitcoinppi.com website itself is open-source in order to spark further innovation, usage and economic analysis around bitcoin.
I think it is worth highlighting that the bitcoin purchasing power index is perhaps the only measurement of bitcoin’s value, which is agnostic to the monetary policies of governments. Taking out the factor of inflation, allows for a far more accurate representation of the actual value of bitcoin.”
“The Big Mac Index” is searched for around 27,000 times a month in the English speaking world alone, and is thus clearly proving its value to thousands of people worldwide. With bitcoinppi.com Bitbond hopes to bring similar value to the bitcoin and cryptocurrency communities.
Contributed | what does this mean?