In recent months, Bitcoin news, which is widely bought and extracted in Venezuela, has led to numerous rumors about the growth and demand for cryptocurrencies

09/25/2017

An interview with Daniel Osorio at the CNBC indicates that this country may soon become “co-dominised”.

Osorio, who spends about a week a month in the South American country, was asked about the problems of hyperinflation that Venezuelans face. During the interview, he explained that a simple dinner costs 200,000 boliwarów, or about 8-10 dollars.

To pay for lunch, residents start to accept only Bitcoins or foreign currency. The problem, according to Osorio, is that in contrast to Zimbabwe and other countries where hyperinflation has brought losses, Venezuela does not have access to sufficient funds for economic management.

Residents, therefore, have turned to Bitcoin payments in order to be able to operate economically. Because Bitcoin is independent of the black market of Bolivar, it is a constant exchange platform for business. At the end, Osorio said:

Perhaps we will witness the first “Bitcoinization” of a sovereign state.

Cryptocurrency enthusiasts claim that this is only the first of many, because fluency and access to the lecture increase exponentially.