Hyperinflation in Venezuela has made a reality of having to carry suitcases of money in order to buy meals. Bitcoin could replace low denomination notes in the country, prevent the privacy perils of a cashless society and potentially see the first Bitcoinization of a sovereign state.
Venezuela, once the highest wealth per capita country in South America, now has the highest inflation rate in the world with speculation that inflation in the country could potentially reach 1,600%. The country’s previously highest denomination note was the 100 bolivar but with hyperinflation, it is now only worth approximately 2 cents. The country is now printing higher denomination notes to try and aid the issue but is this the best solution?
Andean Capital Advisors’ Daniel Osorio told CNBC:
I spend about a week a month there [Venezuela]. Hyperinflation is a very difficult thing to understand until you have to buy lunch… You needed an entire backpack full of cash to pay for lunch.
In A Position To Bitcoinize A Sovereign State
In what is quickly becoming a cashless society, Bitcoin can restore purchasing power and privacy back to Venezuelans. It does not even require a bank account – just an …
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