As many of you are aware Venezuela is in a severe financial crisis for some time and their national currency - the bolivar is has extremely low purchasing power. In fact the purchasin power of the bolivar is at least 7 times lower that the purchasing power of the virtual gold in World of Warcraft.
In WoW you can pay the 20$ subscription fee by giving up ~204 684 gold (this gold does not have any value, unlike BTC). According to the latest exchange rates 1$ equals 70,000 Bolivars. If you do the math you will come to the result that WoW gold is at least 7 times more expensive than Venezuela's currency.
Obviously the situation in Venezuela is extremely nasty for it's residents and this explains why a lot of the country's population are very interested in Bitcoin and cryptocurrencies in general. I think this is where the true value of Bitcoin lies - they are inflation-proof assets and the supply is limited and can not be altered.
What is your opinion on this matter? Let us know in the comments :)
I pray for the people of Venezuela, hopefully cryptocurrencies can end the madness
Agree! This is extemely unpleasant... i hope it ends soon
On top of that people cant even buy dollars to safeguard themselves against inflation. Govt thr is extremely corrupt.
I find it sad that a countries currency is so worthless even though the country has a vast amount of oil. Although this is sad it also helps the crypto market since people believe more in BTC than in the Bolivar and also a lot of crypto mining is happening in Venezuela since the energy is dirt cheap. In the end I believe that Venezuela might help crypto but at the same time if the petro becomes a scam it can hurt crypto aswell
Yes, even with such huge amount of resources they are in this situation, which shows a vety poor leadership and economic decisions.
Pretty hilarious