Free Falling Bolivar Increases Demand for Bitcoin in Venezuela
Bitcoin, the popular digital currency had a few great weeks on the market as its price surged from mid $600s to over $700. The increase attributed to increasing demand from the Chinese market saw an abrupt end after unconfirmed reports stated that the Chinese government will soon be implementing measures to prevent capital flows in the form of Bitcoin or other digital currencies.
With Bitcoin price currently staying a bit under the $700 mark, the digital currency may soon find itself in a favorable spot, thanks to the Latin American nation of Venezuela. The speculation of another round of price rise is based on the current economic situation in the country and Latin America overall. The currency of Venezuela, bolivar has lost most part of its value in the past few months. As the economy weakens, bolivar is now trading at almost 50% less against US dollar compared to the beginning of this year.
http://www.newsbtc.com/2016/11/05/free-falling-bolivar-increases-demand-bitcoin-venezuela/
