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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.
It is popular knowledge that the Venezuelan economy is passing through some very difficult times. As the nation struggles to find stability in it’s economy, can Bitcoin play any role at all?
For outsiders, Venezuela is a big unknown. For insiders, the country is a subsidiary of economic hell. Everybody knows Venezuela’s struck with hyperinflation, but that’s like knowing someone with Ebola has a fever.
The number of Venezuelan bitcoin users has doubled and the trading volumes of Venezuelan bitcoin exchanges have increased substantially since 2014.
In Venezuela, the State's strict monetary control makes it a real challenge for locals to obtain dollars, or make a simple purchase on the Internet. To overcome this difficulty, Venezuelans are turning to Bitcoin for practical reasons, but also to manifest their discontentment towards the system.
SurBitcoin, the first Bitcoin exchange platform in Venezuela, announced its launch on August 15 during the Impact Hub Caracas Bitcoin conference.
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