A failing Venezuelan government that has left the country deep in the trenches of economic ruin has now published an article through a state-owned media outlet that sums up bitcoin as a currency used by criminals and terrorist groups who, it deems, are the “main activists and advocates [of] bitcoin.”
In a time of hyperinflation and a failed economy, the country’s minimum wage alone puts Venezuelan citizens beyond poverty. A high unemployment rate and hyper-inflated food prices are among the most critical concerns faced by Venezuelans.
Understandably, citizens have been looking toward cryptocurrencies to invest and secure their stagnating wealth. Most Venezuelans are still unaware of Bitcoin. Still, there are many everyday citizens, the likes of professors at graduate schools and bitcoin miners who are actively trying to educate others about Bitcoin.
The Venezuelan government is aware of the rising tide of adopters who are choosing Bitcoin over the country’s fiat currency, the bolivar.
These are citizens who are finding solutions to preserve their personal wealth. The government could take