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Venezualans Seek Refuge in Cryptocurrency


Cryptocurrency has its skeptics and detractors. Speculators and investors do find trading in cryptocurrency a potentially worthwhile. Techies do embrace the novelty of buying things with virtual funds. In Venezuela, however, people have become far more open to welcoming to the notion of using virtual currency. The current economic situation in the country prompted their decisions. Venezuela’s economy is in a shambles. Hyperinflation appears amok. In response to the mayhem, President Maduro took the extraordinary step of devaluing the currency by 95%. His actions won’t likely improve anything. Gravitating towards cryptocurrency leaves some with an alternative to the limitations of their bleak economic outlook.

The specific cryptocurrency gaining momentum in Venezuela is called “Dash.” Dash might not be known to everyone around the world, but those worried about a potential 1,000,000% inflation increase boosted popularity in Venezuela. While the economic situation in Venezuela remains global news, few realize how dire the situation is. Millions of residents fled the country to bordering nations. The departure doesn’t appear to be slowing down. The worse the Venezuelan economy gets, the more people will flee.

To circumvent at least some economic implications, a significant number of residents took to downloading the Dash wallet. Trading local currency to cryptocurrency would usually be deemed a risky move. If the cryptocurrency’s value crashes, losses ensue. What makes things less risky for some in Venezuela is the currency continues to head in the trajectory of total worthlessness.

One reason cryptocurrency proponents sing its praises centers on the ability to escape the trapping of a particular currency’s weaknesses. Depending on where an investor lives, this notion may seem wise or balmy. In Venezuela, investing in cryptocurrency sounds like a smart plan. Actually, the people aren’t investing in cryptocurrency. They switch to the virtual funds out of a bleak necessity.