Venezuelans Escape Currency Collapse with Bitcoin

Español“Bitcoin adoption in Venezuela will explode any time now,” one early cryptocurrency adopter in the South American nation confidently predicts. Bitcoin experts argue that the worse an economy is, the more interest there is about the digital currency’s benefits — and Venezuela is a strong candidate for the next bitcoin boom.

Stringent controls on access to foreign currency and runaway inflation — last week saw a sudden jump in the unofficial dollar rate to Bs. 400 per dollar — have led to the number of Venezuela’s bitcoin users doubling since 2014, according to data provided by Bitcoin Venezuela.

“Protect yourself from inflation, change your Cadivi/Internet/Cencoex dollars to bitcoin and join the money revolution in Venezuela.”

A representative from the country’s leading bitcoin advocacy organization, who wished to remain anonymous, told the PanAm Post that they offer Venezuelans the chance to buy bitcoins online and thus escape the ever-increasing devaluation of the national currency.

The Venezuelan government enacted strict controls over foreign currency in February

Read more ... source: TheBitcoinNews