Swapping Bolivars For Bitcoins

There’s always some instability in the currency markets, which is great for traders but tough for the people living in that economy. One solution for the locals is to find a more stable currency. In Venezuela, which is experiencing potentially 15-fold inflation, some people are turning to Bitcoins. The more cryptocurrencies are seen as a stable option to conventional currencies, and the more conventional currencies encounter instabilities, the more cryptocurrencies will become accepted. Considering the instabilities being discussed in the politics of the US, Russia, the EU, China, and Brazil, we may find that cryptocurrencies become the convention because they are apolitical and global. Bitcoin has some security issues, but compared to the Bolivar, some Venezuelans are already acting on their preference. The amounts are small, less than a quarter million dollars per week, but growing.

(Click on the chart for the link.)

“Venezuelans Are Turning To Bitcoin” – Quartz