Venezuela’s Inflation to Reach 1,600% in 2017, Spurring Demand for Bitcoin
The weakening economy of Venezuela under the regime of President Nicolas Maduro is forecast by the International Monetary Fund to reach a consumer-price inflation rate of 480 percent by the end of this year, and peak at 1,640 percent in 2017. Venezuela’s growing financial crisis and economic collapse also pressured the government to announce a state of....
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The people of Venezuela are starving. There is a shortage of food and medicine, says Reuters, while recounting a terribly saddening story of a Venezuelan mother giving away her child. They live on $6 a month. “Just one chicken meal would now burn up half [of their] monthly income.” BBC The BBC says that “T]his will be a difficult Christmas for thousands of impoverished Venezuelan families, some of whom are now facing genuine hunger.” Once one of the richest nation in South America, Venezuela has been brought to its knees, seemingly overnight. The sudden fall in oil prices has led to a....
What price high must Bitcoin hit to account for the past three years of U.S. dollar inflation? Bitcoin's (BTC) price rose to almost $20,000 in 2017 before losing more than 80% of its value at the end of the ICO boom. In the years since, the asset has never again come close to these prolific price highs — until now. Crypto's first currency is once again trading a few percentage points away from its previous milestone as of press time.While crossing $20K may soon be celebrated as a psychologically significant threshold, Bitcoin will not actually reach its all time high in terms of buying....
Venezuela has ordered severe limits on bank withdrawals less than a week after India made changes to its cash currency precipitating long lines at the nation’s ATMs. Both of these government actions have led to an increase in interest on the digital currency, Bitcoin. Venezuela’s Superintendency of Banking Sector Institutions (Sudeban) forbade public and private banks from dispensing more than US $5.26 per day cash from branches or ATMs. Sudeban allows a maximum of four transactions allowing the withdrawal of up to approximately US $5. In the midst of crisis, Venezuela’s inflation has....
Venezuela’s peer-to-peer bitcoin activity has been extraordinary, whether measured as an absolute or relative to GDP, according to CoinDesk Research data.
Bitcoin had an incredible run in 2016, finally breaking $1,000 USD on New Year’s Day 2017. Many people are curious to find out why significant amounts of money found its way into the bitcoin economy over the past year. Two of the biggest reasons that are spurring bitcoin demand worldwide are bitcoin’s censorship resistance and it’s store of value....