Bitcoin is saving the country of Venezuela. Over the last few years Venezuela has been going through one of the worst cases of hyperinflation we’ve seen in the 21st century.
We’re talking about annual inflation of up to 25,000% - and it’s crippling the entire country. Venezuelans are struggling to buy basic necessities like food, as 75% of the country - that’s 24 million people have reported losing an average of 20 pounds in the last year. That’s staggering.
Venezuela has also seen crime skyrocket, tourism drop, and a whole host of other problems that all come back to some really bad monetary policy decisions that were made by a handful of politicians.
But a perfect storm is brewing - and now Bitcoin has an opportunity to impact the lives of millions of people for the first time.
In 2018, Bitcoin is now a global phenomenon that everyone’s aware of - which couldn’t be said for previous episodes of hyperinflation around the world. 9 years after it’s creation, Bitcoin is finally being used on a national scale for the exact purpose it was built for. Bitcoin has achieved it's product-market fit.
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Cryptocurrencies being based on a deflationary model can offer solutions and use cases to solve inherent issues of paper currency. It is also exciting to see an emerging national level use case for bitcoin.
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This is really great, as I see it, the fact that bitcoin goes beyond the borders of any country, Venezuelans that work with bitcoins will be able to have some form of monetary value and live their life separate from their government without needing to leave the country. Hopefully this will stave off the decline until they can have a change in government and enter a recovery.
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