Venezuela may become the 1st bitcoin-ized country

Bitcoin is widely used in Venezuela with quite a significant amount of locals embracing and mining the bitcoin which has led to a high demand. Andean Capital Advisors Daniel Osorio
speculates that the country may soon be completely bitcoin-ized. Is'nt that a good thing?

Locals are beginning to accept "Bitcoin Only" or foreign currency wires.

Zimbabwe and Venezuela are quite similar in the fact that both countries have a very little to no access to foreign currency which in turn affects their economies. However Zimbabwe abandoned its local currency a few years ago due to unmanageable inflation.

"We may well be witnessing the first Bitcoinization of a sovereign state." Osorio said in an interview with CNBC

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