{"id":95633,"date":"2018-12-29T07:20:00","date_gmt":"2018-12-29T15:20:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=95633"},"modified":"2019-11-07T02:53:26","modified_gmt":"2019-11-07T02:53:26","slug":"venezuelans-trade-bolivars-bitcoin-amidst-runaway-inflation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/venezuelans-trade-bolivars-bitcoin-amidst-runaway-inflation\/","title":{"rendered":"Venezuelans Trade Bolivars for Bitcoin Amidst Runaway Inflation"},"content":{"rendered":"<p>Venezuelans have taken to Bitcoin for liberation as the country struggles with runaway inflation. The transition serves as a testament to BTC's core value.<\/p>\n<p>Venezuela is <a href=\"https:\/\/www.theguardian.com\/world\/2016\/oct\/11\/venezuela-on-the-brink-a-journey-through-a-country-in-crisis\">in economic ruin<\/a>. Corruption, a collapsing oil industry, and ill-conceived socialist policies have plunged the country into hyperinflation. President Nicol\u00e1s Maduro, appointed successor to Hugo Ch\u00e1vez, who died in 2013\u2014has clung to power by <a href=\"https:\/\/www.vox.com\/world\/2017\/7\/31\/16058998\/venezuela-election-maduro-constitution\">eliminating rivals<\/a> and <a href=\"https:\/\/www.miamiherald.com\/news\/nation-world\/world\/americas\/venezuela\/article208338564.html\">dismantling the judicial system<\/a>.<\/p>\n<p>The IMF <a href=\"https:\/\/www.imf.org\/en\/Countries\/VEN\">estimates<\/a> that Venezuela\u2019s inflation stands at around 1.3 million percent for 2018, levels of inflation not seen since the <a href=\"https:\/\/object.cato.org\/sites\/cato.org\/files\/serials\/files\/cato-journal\/2009\/5\/cj29n2-8.pdf\">Zimbabwean dollar<\/a>. The insane levels of inflation mean that prices increase over twenty-fold in a single day.<\/p>\n<p>Earlier this year, Maduro has attempted to fix the problem by creating a dubious cryptocurrency allegedly backed by oil, the <a href=\"https:\/\/cryptoslate.com\/maduro-says-petro-purchasers-can-exchange-it-for-any-crypto-plans-to-take-petro-to-opec-in-2019\/\">Petro<\/a>. However, nothing has made a noticeable difference in reversing the country\u2019s runaway inflation.<\/p>\n<h2>Bitcoin Trades Surge<\/h2>\n<p>To combat the rapidly deteriorating Bolivar, Venezuelans have taken to Bitcoin. Trading volume on <a href=\"https:\/\/localbitcoins.com\/\">LocalBitcoins<\/a>, a website for facilitating peer-to-peer BTC trades, has exploded.<\/p>\n<figure id=\"attachment_95636\" aria-describedby=\"caption-attachment-95636\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-95636 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/LocalBitcoins-Trade-Volume-for-Venezuelan-Bolivars.png\" alt=\"\" width=\"600\" height=\"371\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/LocalBitcoins-Trade-Volume-for-Venezuelan-Bolivars.png 600w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/LocalBitcoins-Trade-Volume-for-Venezuelan-Bolivars-300x186.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption id=\"caption-attachment-95636\" class=\"wp-caption-text\">Data courtesy of <a href=\"https:\/\/coin.dance\/volume\/localbitcoins\/VES\/BTC\">Coin Dance<\/a><\/figcaption><\/figure>\n<p>In 2018, the weekly trade volume for Bitcoin rose from 170 to 2000 BTC, roughly $8 million a week at current prices.<\/p>\n<p>For comparison, CNN <a href=\"https:\/\/money.cnn.com\/2018\/03\/02\/news\/economy\/venezuela-minimum-wage\/index.html\">reported<\/a> in March that the monthly minimum wage in Venezuela is just over $6. At that rate, a single week of Bitcoin trades represents monthly wages for 1.3 million Venezuelans.<\/p>\n<h2>Harbinger of Adoption<\/h2>\n<p>The situation in Venezuela may be a harbinger for things to come. As Bitcoin adoption soars in the country, the innovation will make it harder for Maduro to extract wealth from his citizens through irresponsible fiscal policy.<\/p>\n<p>It's a profound change for people in the country\u2014now, monetary freedom is within reach through the programmatic guarantees of cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venezuelans have taken to Bitcoin for liberation as the country struggles with runaway inflation. The transition serves as a testament to BTC&#8217;s core value. Venezuela is in economic ruin. Corruption, a collapsing oil industry, and ill-conceived socialist policies have plunged the country into hyperinflation. President Nicol\u00e1s Maduro, appointed successor to Hugo Ch\u00e1vez, who died in [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":44944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Venezuelans Trade Bolivars for Bitcoin Amidst Runaway Inflation<\/title>\n<meta name=\"description\" content=\"Venezuelans have taken to Bitcoin for liberation as the country struggles with runaway inflation. 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The transition serves as a testament to BTC&#039;s core value.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/venezuelans-trade-bolivars-bitcoin-amidst-runaway-inflation\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-29T15:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T02:53:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/bitcoin-worst-over-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Venezuelans Trade Bolivars for Bitcoin Amidst Runaway Inflation\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/venezuelans-trade-bolivars-bitcoin-amidst-runaway-inflation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/venezuelans-trade-bolivars-bitcoin-amidst-runaway-inflation\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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