Bitcoin Volume in Venezuela Surging Amid Hyperinflation
So far, three Bitcoin exchanges have established themselves in Venezuela. SurBitcoin is by far the biggest, whereas Yabit and Cryptobuyer are relatively new on the scene. Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future. The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to....
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The month of July saw a high number of bitcoin transactions in Venezuela with August achieving a new record high as more people turn to the digital currency as the country continues to tackle the inflation of Bolivar. Venezuela is a country that is blighted by hyperinflation. According to the International Monetary Fund (IMF), Venezuela is projected to remain in a deep recession in 2016. Compared to contraction rate of 5.7 percent in 2015, 2016 saw a rise of 8 percent. Political uncertainty and the decline in the price of oil are factors affecting macroeconomic imbalances and pressures.....
The current minimum wage in Venezuela is still just US$12.84. Hyperinflation has been plaguing the Venezuelan economy for quite some time now. It is also one of the reasons why the government decided to mint new coins and banknotes. The next step in the long recovery process is hiking the minimum wage by 50%. An intriguing decision that can affect Bitcoin adoption in the country. President Nicolas Maduro shocked the world by hiking Venezuela’s minimum wage all of a sudden. It is not the first time this happens, although the latest 50% increase seems rather steep. In fact, it is the fifth....
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.....
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....
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....