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Monday, June 19, 2017

Venezuelans Continue to Seek Refuge in Bitcoin, Other Cryptocurrencies

Venezuelans Continue to Seek Refuge in Bitcoin, Other Cryptocurrencies

It’s no secret that Venezuela is in an economic tailspin. The country famously sought to end corruption (a la India in November 2016) by removing the 100 Bolivar note from circulation.

 

The widespread panic that the already nearly valueless currency would now be worthless led to massive lines and protest from citizens seeking the protection of assets.

 

At that time, many Venezuelans began seeking refuge from the economic turmoil by investing in cryptocurrencies. The market responded and Venezuela’s first Bitcoin exchange was opened.

 

However, according to a recent report by Bloomberg this week, the demand for cryptocurrencies in Venezuela has continued to soar. This week’s trading volume on Bitcoin soared again to over $1.3 mln, nearly doubling the levels from two months ago.

 

Full story at http://bit.ly/2rusUuU

 

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