March 4, 2021

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Venezuela in crisis: extremely interest for bitcoin

2 min read
Venezuela in crisis: extremely interest for bitcoin

According to social media reports such as Twitter and Reddit, banks are slowly closing down in the South American state of Venezuela. They do not manage the outflow of capital associated with the new disease COVID-19.

 

Instead, people are turning to cryptocurrencies and especially Bitcoin. It has a long tradition in the country, because it has many times become a roof over the gigantic inflation that rages in the country.

 

South America is particularly vulnerable to the economic crisis. For the past few years, people have been writing on the Reddit social platform what Venezuela has been experiencing. The banking system in the country, which is almost entirely on oil, is no longer slowly managing the onslaught.

 

The first to come to a series are stone branches of individual banks. They quickly become abandoned reminders of their former glory. Mythos Capital founder Ryan Sean Adams has written on the social network that the banking system is collapsing and leaving 32 million people down.

 

 

From our European perspective, it may seem that it is nothing. However, keep in mind that an internet connection in Venezuela costs roughly the average salary. It’s not easy to have your account at hand.

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