5 years ago
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Can Bitcoin Save Venezuelans?
“Borderless money” is more than a buzzword when you live in a collapsing economy and a collapsing dictatorship. On Tuesday, I went shopping for milk. With the chronic food shortages in Venezuela, that errand already is very complicated, but there’s an extra layer of difficulty for me: I don’t own bolívars, Venezuela’s official currency. I keep all of my money in Bitcoin. Keeping it in bolívars would be financial suicide: The last time I checked, the rate of daily inflation was around 3.5 percent. That’s daily inflation; the annual inflation rate for 2018 was almost 1.7 million percent.
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They will be lucky to get electricity. Do you think the population is ripe for electronic money?
Ouch. Good point.