It is really bad for a country that was truly dependent on its oil. We always say its the black gold's curse. We have countries like Singapore that is doing well but it is also because the government has a bit more integrity and has been keeping inflation in check. In Venezuela, the people are so blessed that it has become a curse. The government can be flagrant in their spending but as long as crude oil price is good, there is no complain. At its worst, 1 day's food ration is supposed to last for a week. Their fiat is worthless now, hence bitcoin, USD, gold and silver comes into play.
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It's tragic what is happening there right now I really feel for the people. It's never good to have an economy that relies on one major source of income and sadly the government have made all the wrong decisions in recent years. I fear they may have more misery coming their way in the coming months and years. Let's hope that's not the case as they have suffered enough already.
They are falling to other forms of safety net and one of them is bitcoins. This happens when the govt is shitty and remains in power.