Venezuela has experienced hyperinflation for the past two decades. It now costs 2,800 bolivars to get a cup of coffee in Venezuela. It cost 0.75 bolivars once year ago. This means that the price of a cup of coffee has increased by 373,233 percent since last year.
Over three million people in Venezuela have left the country. Essential items like medicine and toiletries have become scarce. Crime has also increased drastically since the cost of goods has risen.
Many people in Venezuela are also using cryptocurrency in lieu of bolivars.The government has also released its own version of cryptocurrency called Petro. However, some critics say that Petro is a sham, and no one is using it.
Eli Meregote is 28-years-old. He has been using cryptocurrency since 2017 to send money to his family members and friends in Venezuela. He lives and works in Colombia. He likes to use cryptocurrency because it is cheaper than sending money via Western Union.
Eli decided to move to Colombia after he lost his job. He stated that even if he would have kept his job, it probably would not have helped him much. He only made $4 per month.
Eli likes cryptocurrency because it gives people total control of their money. He also like the fact that the Bitcoin allows people to send money without obstacles. However, there are still many people who are opposed to cryptocurrency. They stated that cryptocurrency is too unstable, and it makes it too easy for people to sell illicit drugs over the internet.
However, many people in Venezuela are still in favor of cryptocurrency. They think that it is better than relying on national currency. Ricardo Carrasco is a 29-year-old IT engineer who is also a fan of cryptocurrency. He stated that it has given him access to the financial world outside of Venezuela.
Source: https://www.coindesk.com/venezuelan-economist-cryptocurrency-is-good-money-bolivars-are-not
