Venezuelans Flock To Cryptocoins Amid Spiralling Inflation

[DamianTV]

https://news.slashdot.org/story/17/0...ling-inflation

Demand for digital coins is soaring in Venezuela amid an escalating political crisis that has protesters demanding that President Nicolas Maduro step down. Inflation has spiraled to the triple digits, debasing the bolivar and depleting savings, while citizens struggle to find everything from food to medicine on store shelves. "If you're going to be in something volatile, you might as well be in something that's volatile and rising than volatile and falling," says Ryan Taylor, chief executive officer of crypto currency Dash Core, the third-largest digital coin by number of transactions... Bitcoin trading volume in Venezuela jumped to $1.3 million this week, about double the amount that changed hands two months ago, according to LocalBitcoins.com...

Venezuela's currency has become nearly worthless in the black market, where it takes more than 6,000 bolivars to buy $1, while bitcoin surged 53 percent in the past month alone. But it's not just about shielding against the falling bolivar, as some Venezuelans are using crypto currencies to buy and sell everyday goods and services, according to Jorge Farias, the CEO of Cryptobuyer.

Posted in Economy & Markets because it is DOUBLETHINK to believe this could NOT happen here.

[devil21]

Meh, I sorta doubt people that are having a hard time feeding themselves are worried about getting into the cryptocoin markets.

Gotta push the sheep toward the next designated fake slave money instead of admitting that in failing economies people usually revert back to hard asset barter.

[kfarnan]

Hippies always say barter is the solution. Trading gas for chickens isn't sustainable. Barter won't work in the 21st century. Maybe for small items. But, there has to be an alternative to hyperinflation for the majority.