Bitcoin Boom in Venezuela

Bitcoin Boom in Venezuela

Venezuela is one of the richest oil-producing countries that struggles political and economic issues. Big issues. 

Poor Rich Country

According to Bloomberg, the inflation rate in the country is about to hit 1,000,000%. The forecast about inflation-situation is very grim. By the end of the year, it may be more than 1,370,000 %. 

Nevertheless, the number of bolivars spent on Bitcoin (BTC) purchase has risen up to 900 million. It is a record sum so far, but it could be broken once again as 965 BTC have been traded this week.   

The inflation itself could be the reason for such fuss around BTC purchase. The volume of BTC in the country is limited, which makes it deflationary cryptocurrency. 

No living, no leaving

In September, the authorities of the country officially launched a national oil-backed digital coin El Petro, the public sales of which start in November. 

The Venezuelan government has also issued passports for national cryptocurrency to prevent massive migration and to increase the use of El Petro. 

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