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Bitcoin has recently hit an all-time high as the entire crypto universe surges. The first cryptocurrency skyrocketed to a historic market cap of nearly 2trn, and US president-elect Donald Trump is receiving credit for this bounce-back.

The former president has now adopted a more crypto-friendly stance, unlike during his previous tenure from 2016 to 2020. Trump’s victory has positively impacted the market, pushing it into a bullish trend as predicted.

The world’s largest cryptocurrency, Bitcoin, was traded at a record high of $89,864.13 on Tuesday, according to Goingecko. Meanwhile, on election day, Bitcoin was trading in the $67k-$70k zone.

While the pro-crypto president has already been elected in the US, what’s next for the industry?

Crypto-friendly regulation anticipated

“If you favor crypto, you better vote for Trump.” This is what the elected 47th president said during a notable gathering at his Mar-a-Lago resort in Palm Beach, Florida, almost six months ago. Now, the US has voted for him, and the pro-crypto voters are anticipating more favorable regulation, unlike under Joe Biden’s administration.

The president-elect Trump has openly said that he wants to turn the United States into the “crypto capital of the planet.” He has reportedly started the homework for the preparation of a crypto-friendly stance.

The former president has already promised to “fire” the US Securities and Exchange Commission’s chairman, Gary Gensler. Under Gensler’s leadership, the SEC has taken a tough stance on crypto companies, filing fraud charges against FTX’s leader and leveling allegations against Binance for questionable business practices. The agency has also engaged in legal battles with Coinbase, Kraken, and Ripple, accusing them of not complying with federal registration laws, though all deny the charges.

US budget in blockchain?

Crypto and blockchain were not just Trump’s issues during the election campaign. 

Robert F Kennedy Jr, the former independent presidential candidate, was proposing the idea of putting the “US budget on blockchain.”

“We’re gonna have 300m eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it,” Kennedy said.

He has not won the election; however, he is reportedly promised “control of the public health agencies” by Trump. It looks like Trump may have to battle with his advisers to take Kennedy Jr. under his wing; his idea may flourish. Kennedy Jr. is also strongly supportive of crypto.

Musk to lead DOGE!

Trump has appointed the richest man in the world, Elon Musk, to run a new Trump’s agency, the Department of Government Efficiency (DOGE), together with Vivek Ramaswamy. 

“I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (DOGE). Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies—Essential to the ‘Save America’ Movement,” reads the announcement. 

The Tesla CEO, Musk, is always crypto-supportive and allowed to buy his electric car with Bitcoin for the short term. Furthermore, the tech billionaire has turned into a Dogecoin fan, causing many hikes of the popular memecoin.

DOGE, representing Dogecoin, is also the acronym for Trump’s new agency. It may not be a mere coincidence that it matches Musk’s favorite coin and the agency he is set to lead.

The new agency will focus on reducing government bureaucracy, cutting excessive regulations, and eliminating wasteful spending. This agency aims to implement structural reforms and an entrepreneurial approach to government, making it more efficient and accountable to the American people.

With a matching name, some Dogecoin involvement is expected under Musk’s involvement.

The available sources highlight a multitude of challenges confronting older adults in Nepal, many of which are deeply rooted in social and economic structures.

Many older adults in Nepal face financial struggles, stemming from limited opportunities to save or invest for retirement, especially in rural areas. While Nepal has implemented social security programs like the ‘old age allowance’, these often reach only a fraction of those in need. For example, only 20 percent of eligible individuals receive old-age allowances, and less than seven percent of eligible recipients receive government service pensions. This lack of financial security is further compounded by the fact that Nepal’s social security system is primarily focused on younger demographics, with maternal and child health taking precedence.

Although the government provides free healthcare to older adults in government facilities, access remains limited due to factors like ethnicity, income and literacy.  There is a lack of a comprehensive geriatric healthcare policy, and existing healthcare initiatives often prioritize younger populations. Additionally, despite a significant proportion of older adults experiencing health problems, many do not utilize healthcare services, highlighting gaps in awareness and accessibility.

Traditional societal roles for older adults are changing as Nepal undergoes modernization and experiences the influence of Western culture.  This shift can lead to feelings of displacement and social isolation for older adults. Ageism also plays a role in marginalizing older individuals, impacting their access to opportunities and perpetuating negative stereotypes.

Nepal’s rapidly changing demographics, with a growing older population and a significant youth population migrating abroad for work, further exacerbate these challenges. This demographic shift creates a ‘demographic window’ of opportunity, with a larger working-age population, but it also raises concerns about the long-term sustainability of social security programs as the older population increases and the younger workforce shrinks. 

The sources suggest this demographic shift could lead Nepal to become an ‘aging’ society by 2028 and an ‘old’ society by 2050. Economic factors directly shape the financial security of older adults, while also impacting their access to healthcare and social support. 

Social factors, such as changing cultural norms, ageism, and migration patterns, influence the social standing and well-being of older individuals. These social and economic factors are interconnected and contribute to a complex web of challenges facing older adults in Nepal.

The sources suggest that addressing these challenges requires a multi-faceted approach that includes strengthening social safety nets and retirement security programs for older adults, developing a comprehensive geriatric healthcare policy that addresses the specific needs of the aging population, promoting awareness of ageism and challenging negative stereotypes and investing in community-based support systems for older adults.

These efforts require collaboration between government agencies, non-governmental organizations and communities to create a more supportive and inclusive environment for older adults in Nepal.

A growing older population

According to the 2011 census data in the sources, 8.1 percent of Nepal’s population (2,154,003 individuals) were aged 60 years or older. More recent data from the 2021 census indicates that this proportion has risen further, with the total number of older adults reaching approximately 2.5m.

The sources project a continued increase in the proportion of older adults in Nepal’s population: by 2028, it is estimated that seven percent of the population will be 65 years or older, marking Nepal’s transition to an ‘aging’ society. Projections indicate that by 2031, the proportion of older adults will reach 11 percent. By 2050, Nepal is expected to become an ‘old’ society, with 14 percent of the population aged 65 or older.

Several factors contribute to this projected demographic shift. 

Nepal’s fertility rate has decreased from 2.5 percent in 2001 to 1.35 percent in 2011. This decline is attributed in part to the emigration of young people seeking work abroad, further reducing the birth rate.

While a specific average life expectancy for Nepal is not mentioned in the sources, one source states that the mandatory retirement age of 60 is lower than the average life expectancy of 72 years. This suggests that people are living longer after retirement.

The proportion of older adults is increasing more rapidly in mountainous regions compared to urban areas due to factors like internal displacement, migration, social conflicts and modernization.

The sources emphasize that this demographic transition presents both opportunities and challenges for Nepal. The increasing proportion of older adults will require a reevaluation and strengthening of social safety nets, healthcare systems and policies to ensure the well-being and inclusion of this growing demographic.

Socioeconomic impacts

The sources portray Nepal grappling with the multifaceted challenges of a burgeoning older population. This demographic shift presents a web of interconnected social and economic pressures that demand attention and creative solutions.

A rapidly aging population places significant stress on Nepal’s social security system, particularly the ‘old age allowance’. While the allowance aims to provide financial support to older adults, it faces limitations. Currently, it only reaches 20 percent of eligible individuals. Furthermore, with the number of older adults projected to increase significantly in the coming decades, the sustainability of funding such programs is in question. The Finance Ministry has even cautioned about the long-term viability of providing these allowances.

As the younger generation migrates abroad for work opportunities, Nepal faces a potential decline in its workforce. While remittances from these workers contribute to the economy, the lack of skilled labor within the country could hinder economic growth.

This ‘demographic window’ of a larger working-age population presents a time-sensitive opportunity for Nepal to capitalize on this workforce and invest in development. However, the sources suggest there is a risk of squandering this opportunity due to slow economic progress and political instability.

The sources highlight that a majority of people in rural areas have limited opportunities to save or invest for retirement. This reliance on children for financial support in old age further underscores the economic vulnerability of older adults, especially as traditional family structures evolve.

Nepal’s modernization and increasing exposure to Western culture contribute to changing social dynamics that can negatively impact older adults. The traditional roles of older adults as knowledge keepers and caregivers are being challenged, potentially leading to feelings of displacement and a loss of purpose.

Ageism and discrimination 

The sources explicitly mention ageism as a pervasive issue in Nepal. This prejudice against older adults can manifest in various forms, including negative stereotypes, exclusion from employment opportunities and limited access to services. Institutional ageism, like the mandatory retirement age of 60 despite an average life expectancy of 72, further exacerbates economic and social vulnerability.

As younger generations migrate and family structures change, the sources indicate a growing concern about social isolation among older adults. This isolation can have detrimental effects on their mental and physical well-being, contributing to depression and feelings of disconnection from society.

Addressing challenges

Experts suggest a need to bolster social security programs like the old-age allowance to ensure broader coverage and adequacy of support. Encouraging intergenerational programs and activities can help bridge the gap between generations, foster understanding and combat ageism. This can involve engaging older adults in community initiatives, leveraging their experience and knowledge to benefit younger generations.

Promoting opportunities for continued learning, skill development and social engagement can help older adults maintain a sense of purpose and contribute to society.

The sources call for greater awareness and education to challenge ageist attitudes and promote respect for older adults. The challenges of an aging population in Nepal are multifaceted and intertwined. Addressing these issues requires a holistic approach that combines economic empowerment, social inclusion and a shift in societal perceptions of aging.

The challenges confronting older adults in Nepal require a comprehensive and collaborative approach involving government agencies, NGOs and communities. It necessitates a fundamental shift in societal perceptions of aging, emphasizing the value and contributions of older adults while ensuring their social and economic inclusion.

In recent years, the growing migration of Nepali youth has become a serious concern.  The reasons often given include economic instability, lack of job opportunities and the political turbulence that has plagued the country for decades. While these factors certainly play a role, I believe there is a deeper, more existential issue at work. By using the philosophy of Martin Heidegger, particularly his ideas on mood, anxiety and resoluteness, we can begin to understand this migration as more than just a reaction to external  conditions. It is, in many ways, an existential crisis that challenges how young people see  their lives and future in Nepal. 

The mood of anxiety 

Heidegger’s concept of mood isn’t just an emotional state; it is a fundamental way in which we relate to the world. Our moods shape how the world appears to us, and in turn, how we act within it. One of the most central moods in Heidegger’s philosophy is anxiety, which  occurs when we confront the groundlessness of our existence—when the usual meanings,  comforts and structures we rely on suddenly fall away. Unlike fear, which is directed at something specific, anxiety is more general and spreads across everything without having a  clear object. 

In Nepal, there is a widespread mood of anxiety among the youth. It feels like a sense of  hopelessness or stagnation, where the future seems unclear, and opportunities feel out of  reach. Many young people feel there is nothing left to work for in the country. They may not  be able to point to one specific thing that is missing, but the overall mood is one of  dissatisfaction and unease. This is a classic case of Heideggerian anxiety: the feeling that  something is wrong, but without knowing exactly what. 

Beyond economics 

The common explanation blames this anxiety on political instability, economic downturns and the lack of job opportunities. To some extent, this is true. Nepal’s political system has long been unstable, and the economy has struggled to provide meaningful employment for its growing youth population. However, focusing only on these external factors misses the deeper existential dimension of the issue. Many young people are not simply reacting to the economic or political situation; they are grappling with a bigger question about the meaning and purpose of their lives. 

For instance, even if Nepal were to suddenly offer more job opportunities or become  politically stable, would the youth still feel fulfilled? Would they feel they are living in a way  that reflects their true selves and values? The migration of youth isn’t just about better jobs or escaping a broken political system. It’s about seeking a sense of meaning and purpose  that many feel is missing in their home country. In this sense, the decision to leave Nepal is  not merely a political or economic choice but an existential one. 

Lessons from Viktor Frankl 

Consider the case of Viktor Frankl, an Austrian psychiatrist and Holocaust survivor who developed logotherapy, a form of therapy that focuses on finding meaning in life, even in the most dire circumstances. Frankl’s philosophy shows that even in extreme situations—such as life in concentration camps—people can find a sense of purpose and meaning, which can allow them to endure unimaginable suffering. Frankl believed that it wasn’t external circumstances that determined a person’s state of mind, but their ability to find meaning in those circumstances. His work demonstrates that even in the worst possible conditions, existential crises can be overcome through a deeper understanding of one’s  purpose. 

I have personally witnessed examples where economic prosperity does not prevent existential crises. South Korea and Norway, both highly developed nations, are also struggling with high suicide rates. Despite their economic progress and high standards of living, many people in these countries experience feelings of meaninglessness,  depression and existential despair. South Korea’s intense social pressures and competition contribute to widespread anxiety, while in Norway, the alienation that can accompany wealth and material comfort has led many, especially the younger generation, to feel disconnected from any deeper sense of purpose. These examples highlight that  existential crises can emerge in any context, regardless of external conditions like wealth or political stability. 

The situation in Nepal, therefore, cannot be explained solely by economic or political factors. Even if external conditions were to improve, the deeper existential concerns would  remain. What many of Nepal’s youth are facing is not just a lack of jobs or a reaction to political uncertainty; it is an existential void, a search for meaning in a world that appears increasingly empty. 

Herd mentality

Heidegger makes a distinction between authentic and inauthentic ways of being. In an  inauthentic mode, we simply follow the crowd, conforming to the expectations and norms of society without reflecting on our own values and choices. Heidegger calls this living according to “the they”, where we do what everyone else is doing simply because that’s what people do. In the case of Nepal’s youth, many are leaving the country not because they have fully considered their decision, but because it has become the norm. Everyone is  going abroad, so they follow along. 

This “sheep mentality” is a clear example of inauthentic living. Young people are caught up in the general mood of anxiety and hopelessness, but they are not critically thinking about their own situation or why they are making certain choices. They are simply reacting to the mood of the moment, rather than taking control of their own lives. This isn’t to criticize them, but to highlight the existential crisis that lies underneath the wave of migration. 

A path to authenticity 

So, what can be done? How can Nepal’s youth deal with this existential crisis and make more authentic decisions about their future? Here, Heidegger’s concept of resoluteness is crucial. Resoluteness involves taking ownership of one’s choices, facing the uncertainty and anxiety of life, and acting with purpose. It’s about making decisions that reflect who we really are, rather than simply going along with what everyone else is doing or reacting to external pressures. 

For some young people, resoluteness might mean leaving Nepal, but with a clear understanding of why they are doing so, and what they hope to achieve. They wouldn’t just be following the crowd or giving in to a vague feeling of hopelessness. They would be leaving as a conscious, thoughtful act, based on their own values and understanding of their situation. 

For others, resoluteness might mean staying in Nepal and finding opportunities within the country. They would recognize that, despite the challenges, there are possibilities for growth and meaningful contribution. Instead of being trapped by the general mood of  anxiety or inauthenticity, they would engage with their circumstances, choosing to stay and make a difference because it aligns with their personal sense of purpose. 

The existential aspect 

In Nepal, development is often seen in terms of economic growth, political reform or  infrastructure improvement. These are all important, but they don’t address the existential crisis many young people are experiencing. The migration of youth is not just a symptom of  underdevelopment; it’s a symptom of a deeper existential void. Until we start addressing  the existential crisis that many young people face, no amount of economic reform will be enough to stop the flow of young people leaving the country.

What we need is a shift in how we think about development and progress. Instead of  focusing only on external conditions like jobs or political stability, we should think about creating an environment where young people can find meaning and purpose in their lives. This might involve creating spaces for self-reflection, encouraging thoughtful decision-making and fostering a culture that values individual purpose as much as  material success.

Authentic living requires us to confront life’s uncertainties and make choices based on our own understanding of who we are and what we want. Whether young people choose to stay in Nepal or leave for opportunities abroad, the key is that they make these decisions with clarity, purpose and resoluteness. Only then can we begin to address the crisis that is driving so many young people away.

As a lover of international cuisine and a Nepali-British chef, I have been on a journey of exploration into the secrets of Thakali cuisine. This ancient culinary tradition, originating from the Mustang district of Nepal, has proven to be more than just a mouthwatering experience. It represents a rich cultural heritage and holds significant potential for socio-economic impact.

Thakali cuisine, rooted in the Thak-Khola region of Mustang, is a remarkable blend of simplicity and sophistication. The Thakali people have preserved their culinary heritage through a unique combination of local ingredients and traditional cooking techniques passed down through generations. Central to this cuisine is the Thakali thali—a carefully arranged plate featuring ‘dal’ (lentil soup), ‘bhaat’ (rice), ‘tarkari’ (vegetables), and specialties like ‘kanchhemba’ (buckwheat finger chips), ‘Mustang aloo’, and ‘jimbu’ (Himalayan leaf garlic), all enhanced with a dollop of ghee.

Thakali cooking distinguishes itself by its distinctive ingredients, such as ‘sukuti’ (dried goat/yak meat), ‘gundruk’ (fermented leafy greens), and ‘sichuan timmur’ (a unique Himalayan spice pepper). These ingredients impart a unique aroma and flavor to the dishes, reflecting the rugged terrain and vibrant culture of Nepal.

While Thakali cuisine is celebrated locally, it has the potential to make a significant impact on the international food scene. Introducing Thakali cuisine to world markets, especially to the second generation of the Nepali diaspora and international food enthusiasts, could serve as a powerful economic driver for Nepal. By positioning Thakali as a premium culinary experience, Nepal can tap into new revenue streams through culinary tourism, exports, and global brand partnerships.

The global growth of Thakali cuisine can have profound socio-economic implications for Nepal. Thakali cuisine can stimulate local economies in Mustang and other regions of Nepal. By fostering a market for local products like Himalayan jimbu, ghee, black lentils, and timmur, it can create new economic opportunities for farmers and producers. This not only boosts local incomes but also preserves traditional farming practices and local biodiversity.

The growing global interest in Thakali cuisine can provide new avenues for employment and entrepreneurship. Youth and women in Nepal can be empowered through training programs in culinary arts, food production, and hospitality. This could lead to the creation of new businesses, such as local restaurants, export ventures, and artisan food products, providing meaningful employment and fostering economic independence.

Himalayan jimbu, ghee, black lentils, timmur, and other Nepali spices are integral to Thakali cuisine. By elevating these ingredients to international markets, we can create a robust export industry that benefits local farmers and producers. Establishing quality standards and certifications for these products will enhance their marketability and ensure fair trade practices.

Thakali cuisine can also contribute to food diplomacy, a powerful tool for fostering understanding and cooperation between communities and nations. Food festivals, cooking demonstrations, and culinary tours featuring Thakali cuisine can create cultural exchanges that deepen mutual understanding. Collaborations between Nepali culinary experts and international chefs can lead to innovative fusion dishes that celebrate both Nepali and global culinary traditions.

By showcasing Thakali cuisine at international culinary events, Nepal can enhance its cultural profile and strengthen diplomatic relations. Culinary diplomacy can open doors for trade agreements, tourism, and cultural collaborations.

The government of Nepal, along with local stakeholders, should recognize the strategic potential of Thakali cuisine in driving economic and social progress. Developing a strong brand identity for Thakali cuisine can help position it as a premium offering in international markets. Providing support and incentives for local farmers and producers of Thakali ingredients is crucial.

Investing in culinary education and training programs can help build a skilled workforce capable of producing and promoting Thakali cuisine. Engaging with the Nepali diaspora can provide valuable insights and support for expanding Thakali cuisine globally.

Thakali cuisine stands as a proof to Nepal’s rich cultural heritage and culinary talent. By harnessing its unique flavors and traditions, Nepal can unlock significant economic and social benefits. Embracing Thakali cuisine as a cornerstone of Nepal’s food diplomacy can foster people-to-people connections, community engagement, and strengthen international relations.

As we look to the future, it’s imperative for Nepal to leverage its culinary heritage not just as a cultural asset but as a strategic tool for economic growth and social development. By promoting Thakali cuisine on the global stage, we can create new opportunities for local communities, empower youth and women, and enhance Nepal’s presence in the international culinary arena.

It would be a good idea for food enthusiasts, global travelers, and stakeholders to immerse themselves in the captivating world of Thakali cuisine. Each dish tells a story of tradition and flavor, offering a genuine taste of Nepal’s rich cultural legacy. Let us celebrate and promote this remarkable cuisine, paving the way for a brighter and more prosperous future for Nepal.

The author is a UK-based R&D chef