Economics
Venezuelans Are Seeking a Haven in Crypto Coins as Crisis Rages
- Surging bitcoin wins converts as bolivar plunges in value
- Crypto currencies are used to buy and sell everyday goods
Looking for a Bubble in Bitcoin's Recent Bounce
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Crypto coins’ gyrations require nerves of steel, but to an increasing number of Venezuelans, they’re the safest currency they can own.
Demand for digital coins is soaring in Venezuela amid an escalating political crisis that has protesters demanding that President Nicolas Maduro step down. Inflation has spiraled to the triple digits, debasing the bolivar and depleting savings, while citizens struggle to find everything from food to medicine on store shelves.