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Amidst the development of a nationwide financial turmoil, the demand towards Ethereum and Bitcoin are rapidly rising in Venezuela.
As holidaymakers and consumers seek better value for money, many have turned to cryptocurrencies to protect themselves from further effects of inflation and get better value for their money.
Venezuelans continue to seek refuge in Bitcoin and other cryptocurrencies.
For many Venezuelans, bitcoin isn’t just a financial network or an investment method. In fact for most, bitcoin is an important survivability tool that allows residents to support their families.
Bitcoin and gold are at the same price, the metal having lost 10 percent amid concerns Venezuela will convert billions of dollars’ worth to repay debts.
SurBitcoin, the largest bitcoin exchange in Venezuela, will officially resume fiat-to-bitcoin trading by next week after solving its disputes with a major Venezuelan bank Banesco.
Local Bitcoin trades have surged in China amid fears of a regulatory crackdown similar to Venezuela. Peer-to-peer Bitcoin trading is up across the board in restrictive countries.
Amidst the worsening economic crisis and financial turmoil, Venezuelans are in search for alternative assets and stores of value to finance their daily living.
As Venezuela’s national currency Bolivar Fuerte is rapidly losing value amidst hyperinflation, Venezuelans have started to rely on Bitcoin to finance their expenditures.
Embattled Venezuelan President Nicolas Maduro announced on Sunday that the 100-bolivar bill will be decommissioned.
Amid India’s sudden currency reforms, cash is facing a global crackdown as governments move to take control over transactions, the paper in citizens’ pockets.
Bitcoin price rose in its top African market this week, experts expect Venezuela to follow with its projected 1,500% inflation.
Growing digital currency, Dash, has joined Bitcoin, due to soaring demand, as a part of a payment network that will benefit thousands of people suffering from Venezuela’s failing national economy.
Venezuela, in the midst of a titanic economic collapse, has seen a sharp increase in Bitcoin trading.
The state-owned public television network of Venezuela has launched an anti-Bitcoin campaign.
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