Venezuela Could Set New Precedent for Bitcoin as a Medium of Exchange174

Hyperinflation in Venezuela is estimated to have reached a boggling 1.3 million percent in 2018. To reconcile runaway prices, the wealthy and the technologically savvy have turned to the stock market and cryptocurrency.

Fueled by rich oil reserves, the country was once one of the fastest growing in South America during the 1990s and was an economic powerhouse in the region. Today, decades of corrupt and neglectful policies have put Venezuela on a road to economic disaster, and it’s accelerating.

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