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Venezuela: The price of bitcoin is now doubling every 18 days

Gepubliceerd op 8 augustus 2018 22:26

Just a year ago, a cup of coffee in Venezuela would have cost you 2,300 bolivars. Today, however, according to Bloomberg’s Café Con Leche Index, you’d have to pay roughly around 2 million bolivars. What better way to exemplify the rampant inflation plaguing the country?

Unfortunately, it doesn’t stop there. The International Monetary Fund (IMF) projects that the inflation rate will hit the unparalleled 1 million percent by the end of 2018. In other words, at the current inflation rate, prices in the country are doubling roughly every 18 days.

Bitcoinist reported earlier in June that hyperinflation is causing Bitcoin buying spree which marked new highs every week. This trend is not only continuing, but it’s growing at rampant rates. Since June, the weekly Bitcoin traded volumes have more than doubled, reaching upwards of 17 trillion bolivars worth of BTC this week alone according to coin.dance.

 

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