RE: Venezuela, Hyperinflation, and Ethereum

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Venezuela, Hyperinflation, and Ethereum

in venezuela •  7 years ago 

I don't think the adquisitive power of Venezuela is high enough to significantly influence the Bitcoin price. It's more a matter of pure survival - they found something that doesn't become worthless in a few months that they can use as a store of value. But when your store of value is so small, you have to take from it to survive in day-to-day life, it also becomes a medium of exchange. 10 years ago, the black market was all about USD. Now, bitcoin is right up there with USD on dolartoday.com. They have a real need and Bitcoin & co solves a real problem.

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I would expect some people with wealth are buying a lot of cryptocurriencies in Venezuela, Greece and India. India has enacted very strict currency controls.