Lately, news about Bitcoin being broadly acquired and mined in Venezuela has prompted various bits of gossip with respect to the development and request of the cryptographic money there. A meeting with Daniel Osorio of Andean Capital Advisors on CNBC demonstrates that the nation may soon 'Bitcoinize' totally.
Osorio, who spends about seven days for each month in the South American nation, was met in regards to the hyperinflation issues that Venezuelans are confronting. Amid the meeting, he clarified that a straightforward lunch costs upward of 200,000 Bolivars, or about $8-$10.
2000%+ inflation In order to pay for lunch, locals are beginning to accept only Bitcoin or money wires of foreign currencies. Venezuela's Bolivar (VEF) is presently worth only one satoshi as hyperinflation takes an ever more profound hold in the battling nation. Locals have, therefore, turned completely to Bitcoin in order to function economically.
Osorio says:
“We may well be witnessing the first ‘Bitcoinization’ of a sovereign state.”
Sources:
https://cointelegraph.com/news/first-bitcoinization-of-a-sovereign-state-is-happening-now
https://cointelegraph.com/news/in-bitcoin-testbed-venezuela-1-bolivar-now-equals-1-satoshi
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