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Venezuela’s Hyperinflation Sees Record Highs of Bitcoin Use

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The month of Jul saw a high series of bitcoin exchange in Venezuela with Aug achieving a new record high as some-more people spin to a digital banking as a nation continues to tackle a acceleration of Bolivar.

Venezuela is a nation that is blighted by hyperinflation. According to a International Monetary Fund (IMF), Venezuela is projected to sojourn in a low retrogression in 2016. Compared to contraction rate of 5.7 percent in 2015, 2016 saw a arise of 8 percent.

Political doubt and a decrease in a cost of oil are factors inspiring macroeconomic imbalances and pressures. The IMF states that acceleration in Venezuela is likely to arise to 500 percent in 2016 and serve subsequent year.

It’s no consternation afterwards that many people commend a advantages that bitcoin presents for a destiny and to defense them opposite serve inflation.

Record Highs of Bitcoin Use

In a initial week of August, bitcoin exchange in Venezuela reached $141.7 million bolivar that was exchanged for bitcoin, amounting to $141 million USD.

According to a report, this record kick a prior week’s,

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