Venezuela’s Fiat Currency is Declining Rapidly and Bitcoin is Taking Over

Years of hyperinflation of the Venezuelan bolivar has made the currency nearly unusable. Over the past 12 months, bitcoin has taken over the country as the main currency and residents have been utilizing the cryptocurrency to purchase basic goods, medicine, and other vital products. Patricia Laya, the Venezuelan Bureau Chief at Bloomberg, recently revealed that the daily limit of local bank ATMs is set at 5,000 bolivars, worth around $0.05. Laya stated that she had waited 20 minutes in line to obtain $0.05 in hyperinflated currency worth little to no value. More…