Hyperinflation what is it and why will this help Bitcoin. In economics, hyperinflation is very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies, often the US Dollar.
Venezuela’s economic situation is unthinkably bad, especially for what was once South America’s richest nation. Hyperinflation, plunging oil production and unpayable debts. How did this happen? Well with a social benefits system payed by oil, all was good until oil prices dropped.
More than three million Venezuelans have left the country, as essential goods such as toilet paper and medicine have become unaffordable and crime has soared.
As a result, many are turning to digital assets such as Bitcoin as an alternative to the Venezuelan bolivar.
Dash CEO, Ryan Taylor, says a few factors saw them enter the Venezuelan market three years ago, but the political situation has made their cryptocurrency a critical survival tool for many in the beleaguered country.
To conclude without cryptocurrency survival after a Fiat currency crash would be almost impossible in todays world. ✌️ ♥
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