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Author Topic: [2018-08-19] Venezuela: Inflation Tops 100,000 %, Bitcoin Costs 60M Bolivar  (Read 54 times)
BitcoinArsenal
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August 19, 2018, 09:19:42 AM
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“Yesterday 1 bitcoin was worth 44 billion bolivars, now it’s at 59 billion”

Venezuela’s currency the Bolivar Fuerte jumped to 9.2 million per dollar and almost 60 million per bitcoin August 18, just two days before a major redenomination cuts five zeros off its value.
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August 19, 2018, 10:47:10 AM
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The inflation will continue to rise and there is no need to compare their currency with fiat or cryptocurrencies since there will be no limit.
It is unfortunate what happens in Venezuela. The problem is that the economic sanctions don't affect politicians that much, it affects the citizens in the first place. I read few weeks ago about a teacher tho who cannot afford to buy a new pair of shoes! Wonder know how poorer people find money to eat.
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August 19, 2018, 11:04:18 AM
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Wonder know how poorer people find money to eat.

They don't mostly.

The situation has become so bad, that you as store have to make a decision to sell food and other life necessities only for USD or other means of exchange. It means people with their local Bolivars (if they have any already) are being discriminated and excluded from participating in their own economy. It's a horrible situation, but I can somewhat understand why it happens. It's a matter of other people having something to eat or yourself, and obviously, most people will feed themselves.

I'm not sure if it's pro Maduro propaganda, but there have been attempts to hand out free meals to people at least once a day, but that's still not enough.

Food there has become more of an asset than fiat itself.

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August 19, 2018, 02:23:12 PM
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I'm not sure if it's pro Maduro propaganda, but there have been attempts to hand out free meals to people at least once a day, but that's still not enough.

Yeah, you are right, I was reading https://www.bbc.com/news/world-latin-america-45237368 then I saw the last video. Miserable conditions, malnutrition and extreme poverty. 1 million fled the country and increasing...

@ OP, please move the topic to politics sub.
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August 19, 2018, 02:27:07 PM
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It is incredible that Venezuela is the richest in the world by oil reserves, and that people there live in such poverty. Some data say that average salary in Venezuela is in total only 7.70$ , but from that amount person get some 5.5$ in food stamps. For example university professor have around 30$, and software developer around 60$. For some basic things family need around 150$ per month, it is really strange how these people succeed in surviving.

Price of BTC is not so important there, few have surplus money for invest - for ordinary people even price of 100$ per 1 BTC would be too expensive.

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August 19, 2018, 05:59:38 PM
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I wish bitcoin costs 6M US dollars, lol. But with cryptocurrency and predefined total sum, the central bank can simply retire.

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