Venezuela: Bitcoin Trading in Venezuela Is Skyrocketing Amid 14,000% Inflation

Quartz

Venezuela’s government, struggling to contain its extreme, world-leading inflation rate, is devaluing its currency by removing three zeros from the bolivar. Local citizens may be taking a different approach: As price increases run rampant, bitcoin transactions denominated in the nation’s currency have skyrocketed, according to Localbitcoins data.

image via Shutterstock

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