From Market Crash to Crypto Boom: Venezuela’s Digital Currency Revolution
Venezuela’s economic collapse has given rise to an unlikely savior: cryptocurrency. Years of hyperinflation (prices jumped by over 1 million percent in 2018, escalating to IMF predictions of 10 million percent in 2019) and U.S. sanctions isolating Venezuela from global banking have driven many to digital currencies as a financial lifeline. Crypto is now used to preserve savings from inflation, move money across borders, and even conduct oil sales. Making Venezuela a global leader in cryptocurrency adoption.
The Market Crash: Hyperinflation and Economic Collapse
As the bolívar’s value evaporated, Venezuelans began rapidly converting bolívars into Bitcoin or dollar-pegged stablecoins to protect their earnings. Chainalysis ranked…
