Bitcoin takes over venezuela?!

Venezuela is economically abyss is no secret. Accordingly, many maneuvers of the government, such as the abolition of the 100 Bolivar banknotes, are desperate.

The Bolivar is getting less value from day to day, with inflation assuming catastrophic features (over 800% in 2016), which means that asset building and economic trading are hardly possible. Cryptography is therefore viewed as an alternative by an increasing number of Venezuelans, especially as their volatility is low compared to Bolivar. It can be seen, for example, that the volume of Bitcoin trade in Venezuela has risen sharply.

The trading volume of 1.3 million US dollars this week is still tiny, but the graph shows a strong increase. The bitcoin adaptation in Venezuela is supported by the recently opened Bitcoin stock exchange Monkeycoin.
Bitcoin is also used as a means of payment in addition to the asset or hedge, since the purchase of imported goods with the national currency is only possible at an extinct black market price. The lack of purchasing power and stability of the Bolivar therefore causes more and more merchants to integrate Bitcoin into their business.