Taking a page out of the august Economist, Bitbond has launched BitcoinPPI; an index that measures bitcoin purchasing power measured in Big Macs. Yes, that eternal benchmark of consumable wealth is put to use once again. The hamburger.
The Big Mac index was launched by the Economist in 1986 and since that time has been a consistent measure of purchasing power parity (PPP or perhaps BPPI). Economists love it. Foodies not so much. But “burgernomics” does make exchange rate disparities more “digestible”, by simplifying the comparison to a global, and affordable consumable.
Bitbond, a peer to peer lending platform that uses the extranational digital coin, eliminates the need to have a bank account to participate in their global loan market.
According to BitcoinPPI, as of today you may purchase 100 Big Macs for a single bitcoin. That is if you can find one that accepts the digital currency.
“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. 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 index comes with a comprehensive API to let everyone access the data and use it for their own purposes. The bitcoinppi website itself is open-source to spark further innovation, usage and economic analysis around bitcoin.