Venezuelans have continued seeking refuge in cryptocurrencies like Bitcoin as the country's economic turmoil persists. Venezuela's currency, the Bolivar, is nearly worthless as inflation has led to its massive devaluation. In response, many Venezuelans first began investing in cryptocurrencies in 2016 when the government removed the country's highest currency note from circulation. Since then, cryptocurrency trading volumes in Venezuela have continued to soar, nearly doubling over the past two months as cryptocurrencies provide greater stability than the highly volatile Bolivar. Venezuelans are using cryptocurrencies not just as safe haven investments but also as a means of settling accounts and continuing business transactions in the unstable economy.

1. Venezuelans Continue to Seek Refuge in Bitcoin, Other
Cryptocurrencies
teamsteverhyner.com /venezuelans-continue-to-seek-refuge-in-bitcoin-other-cryptocurrencies/
It’s no secret that Venezuela is in an economic tailspin. The country famously sought to end corruption (a la India in
November 2016) by removing the 100 Bolivar note from circulation.
The widespread panic that the already nearly valueless currency would now be worthless led to massive lines and
protest from citizens seeking the protection of assets.
At that time, many Venezuelans began seeking refuge from the economic turmoil by investing in cryptocurrencies.
The market responded and Venezuela’s first Bitcoin exchange was opened.
However, according to a recent report by Bloomberg this week, the demand for cryptocurrencies in Venezuela has
continued to soar. This week’s trading volume on Bitcoin soared again to over $1.3 mln, nearly doubling the levels
from two months ago.
The volatility of cryptocurrencies is minimal, compared to the massive devaluation of the country’s local currency
(6000 Bolivars to $1).
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2. But cryptocurrencies are not only being used for safe haven investments. Consumers are also using Bitcoin and
others as a means of settling accounts and continuing business in the uncertain and volatile economy.
Because cryptocurrencies are decentralized, they are seen as a simple and safe solution to the need for stable
currency in countries where government practices have destroyed currency values.
Re-posted from www.cointelegraph.com by Jon Buck June 18, 2017
When you’re practicing gratitude take a moment or two to be thankful you don’t live in countries like
Venezuela. Many of you may disagree with your countries economic or government structure and policies
but imagine the citizens of Venezuela and what they are experiencing these days. There’s one way to
protect financially yourself and that’s to mine Bitcoin. Then if you want to protect your purchasing power,
use some of the proceeds of your mining effort to purchase gold using a monthly purchase system like
Karatbars. (There’s a network marketing opportunity associated with Karatbars–it’s not mandatory if you
want to be just a customer but available for those that wish to make money selling gold) Consult a
reputable financial adviser to assess your particular situation but many assign a percentage of their
portfolio to gold and digital currency investments. Your circumstances may be different. To learn more,
click here. Email: steve@prplus.us.
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3. Steven L. Rhyner
Thank you for reading my posts! If you would like to connect, reach out to me on Facebook.
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