Bitcoin adoption in Venezuela

Venezuela is famous for its beautiful tourist attractions, such as Angel Falls which is the largest waterfall in the world, and La Isla Margarita. Venezuela is one of the world’s top oil producers, its major export.  Bitcoin adoption is on the rise!

 

In 2015, Venezuela had over 100% inflation which was the highest in the world and the highest in the country’s history up until then.  The rate increased to nearly 500% by the end of 2016 losing 45% in November 2016 alone. Venezuela has spiraled into hyperinflation while the poverty rate rises between 76 and 80%

 

Many Venezuelan’s are struggling to make ends meet and have topped the Global Misery Index.  In terms of bitcoin adoption in Venezuela, it is clear by the LocalBitcoins graphs on CoinDance, there is a huge interest for people to change their failing and weakening bolivar into Bitcoin.

 

 

But there is a downside… The Venezuelan government is not against bitcoin or the mining of bitcoin, however, it seems they are against stealing free electricity!  Read the full article here.

 


 

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