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BTC · 1w

Bitcoin as salvation

At the moment, the Bitcoin exchange rate is $ 7400. However, in Venezuela, the price of bitcoin approached $ 9,800. This situation with cryptocurrencies clearly reflects the current economic situation in the country, where there is an acute shortage of cash. Watching how money turns into dust, the population wisely transferred their funds to cryptocurrency. Despite warnings that Bitcoin could turn out to be a bubble, locals are prepared to take risks. In the eyes of consumers, cryptocurrencies look like a salvation from fear of loss of funds and protection from financial collapse. The black market of US dollars is running all over the streets of the capital. The country is facing problems of hyperinflation, similar to that which occurred in the early 20th century in Germany. “I transferred all my savings to bitcoins, because this is the only way to save them,” says Enrique Lopez, who works for an IT company in the capital of Venezuela. Many investors do not trust Bitcoin, not indicating its high volatility and frequent speculation. For residents of Venezuela, where the severe economic crisis lasts for a year, cryptocurrency, despite all its disadvantages, has become more important than ordinary money. Today, Venezuelans use bitcoins to make purchases in foreign stores and transfer funds abroad. They can also buy ordinary goods, such as clothing and products.
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