What image to people need to see what happens when paper fiat plans run amok.
Venezuelan’s again are shocked as Maduro announced this weekend: a plan which devalues existing Bolivars by 95%, increases taxes and gas but a higher wage.
What does this look like when somebody wants to convert to the USD....see chart below:
Don’t worry...they are raising minimum wages by 3000%...so now it is around $30/month
As you can imagine the price fro Bitcoin is soaring ....and so has the weekly trading of Bitcoin:
Yestersay it took 44 Billion Bolivars to buy a Bitcoin ...today it takes 59 Billion Bolivars (source: https://bitcoinist.com/venezuela-inflation-100000-bitcoin/)
There are many calls to educate the people on the use/value of cryptos as they need to stabilize 1000% inflation rate.
Bitcoin and others can be seen as “deflationary currency” — there are only so many that will be mined.
Even with the BTC downturn, it is still up 55% from last year.
And as we know going back to 2010 the comparisons are ridiculous— what will it be in 3 more years?
