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Tuesday, March 14, 2017

Bitcoin Goes into Hiding in Crisis-Stricken Venezuela

Bitcoin Goes into Hiding in Crisis-Stricken Venezuela

Protests have been ongoing in Venezuela as the country’s economic crisis has only grown far worse over the past three years. In the meanwhile, Bitcoin has been adopted by many in the country to survive.

As her foreign reserves fall to $10 billion, Venezuela is on the frontier of where Bitcoin and failing governments collide. The nation’s poverty rate of 82% is double the 46% rate in 2014. Surbitcoin, the nation’s most popular bitcoin exchange service, was forced to cease trading in early February when its bank account was closed. This has since led to a spike in Bitcoin trading on Localbitcoins.

Full story at




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