Hyperinflation Leads the Number of Venezuelan Bitcoin Users to Double
The number of Venezuelan bitcoin users has doubled and the trading volumes of Venezuelanbitcoin exchanges have increased substantially since 2014. A spokesman of bitcoin Venezuela told Panampost: The country’s largest bitcoin advocacy organization stated that a significantly large portion of bitcoin buyers hold the digital currency, and they are not worried about its volatility. Instead, some are very optimistic on the value of bitcoin, and they are hoping to see a short-term increase over the next few months. “The price [of bitcoin] never fluctuates at the same rate as the devaluation of....
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Venezuela is the world’s worst performing economy, hit by 700% hyperinflation and sinking in debt. Its currency, the bolivar, is currently losing half its value every 18 days. However, the government announced on Monday that it will remove the country’s largest banknote (100 VEF, worth $0.02 on the black market) over a 72 hours period. We tried to assess....
Recently, we reported on bitcoin activity in Russia. Now common knowledge, bitcoin usage has long been demoralized in the land of hammers and sickles. Those who indulge in the benefits of digital currency are faced with the prospects of prison time and exorbitant fees. Despite these threats, bitcoin exchange site LocalBitcoins has witnessed increased activity in the previous months, even though access to the site was restricted by legislators and finance ministry executives. Instructions about how to bypass restrictions were given to those eager to continue using the site’s services, and....
Venezuela, which operates an economy that is crumbling down in debt and hyperinflation, announced the demonetization of 100 bolivar fuerte (Bf) banknotes effective in the next 72 hours. Until the central bank releases higher denomination bills, an India-like panic is presumed to occur. Since mid-2016, the Venezuelan economy worsened, as hyperinflation continued to lessen the value of its national currency that was already virtually worthless. By September, simple products like eggs or bread were sold at US$150 to the general population which in Venezuela was equivalent to stacks of cash.....
A failing Venezuelan government that has left the country deep in the trenches of economic ruin has now published an article through a state-owned media outlet that sums up bitcoin as a currency used by criminals and terrorist groups who, it deems, are the “main activists and advocates [of] bitcoin.” In a time of hyperinflation and a failed economy, the country’s minimum wage alone puts Venezuelan citizens beyond poverty. A high unemployment rate and hyper-inflated food prices are among the most critical concerns faced by Venezuelans. Understandably, citizens have been....
Another fiat currency struggles to stay afloat as the Venezuela Bolivar looks to be in the throes of hyperinflation, which has been forecast for at least the last 18 months. Within black-market currency exchanges, the Bolivar has lost about 50% of its value versus the US Dollar in the month of November. In a sign of desperation, the nation-state has suspended reporting of their inflation rate for the time being. Also read: "BitPagos is Bringing Bitcoin to the Developing World". Will Venezuela Suffer Zimbabwe-levels of Hyperinflation? As you may know, inflation is a part of any fiat....