Published On: Wed, Oct 25th, 2017

Bitcoin Thrives as Chaos Worsens in Venezuela and Zimbabwe

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As the economic crises in Venezuela and Zimbabwe further deepen, more and more citizens are turning to Bitcoin mining in order to survive. 
Bitcoin is taking over Venezuela and Zimbabwe

 
In the last couple of months, the economic crisis in Venezuela has affected more and more citizens. The current financial situation in Venezuela was mainly caused by the rapid rate of inflation that got out of control. As the hyperinflation caused a huge value loss for the Venezuelan bolívar, many citizens and businesses resorted to using cryptocurrency such as Bitcoin and Litecoin in order to pay for daily goods and services.
But Venezuela isn’t the only country that experienced a rapid growth of cryptocurrency usage. Zimbabwe is also going through a deep economic crisis that affected many citizens and businesses in the whole country. Zimbabwe’s enormous demand for Bitcoin has caused the price of one Bitcoin to skyrocket to as high as $10,000 on the only cryptocurrency exchange of Zimbabwe. Many experts believe that Venezuela and Zimbabwe are experiencing a very interesting social and economic shift thanks to the rampant cryptocurrency adoption.
Turning to mining in order to survive the crisis

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