There have been many reports of people residing in Venezuela turning to bitcoin to hedge against the country’s economic failures. Venezuelans have been using bitcoin because their national currency the Bolivar has been significantly devalued and citizens using the tender are suffering from over 1800 percent inflation. The enthusiast who detailed that bitcoin was saving his family from starvation wanted to let the public to know the potential for the cryptocurrency used in this fashion is way bigger than its use cases in the black market.
“I want to debunk that myth and explain how real the potential for bitcoin is and how it is so much bigger than the black market can ever be,” explains the threads author.
‘Skeptical About Bitcoin but No Other Options Were Available’
The author states that his father lost his air conditioning job some time ago, and his neighbors around him, even the upper class cannot afford food. He explains bitcoin being used by criminals is no different than then when they use cash for illegal activities. “If you take one step back you’ll realize that the possible legitimate uses for bitcoin are far greater than the black market.” In 2014 his family discovered bitcoin but were very skeptical about the digital currency, “but we didn’t have any other options,” the author details.
The post also explains that many people are trading bitcoins underground to acquire either Bolivars or USD to purchase food and living necessities. Furthermore, some Venezuelans are using bitcoin for arbitrage opportunities as well.
Many Other Countries May Face the Same Economic Hardships
The interesting post about bitcoin saving the young man’s family was well received by the crypto-community. Additionally, a few other Venezuelans revealed how bitcoin was helping them and the methods they use to convert bitcoin into USD or Bolivars.
Moreover, a couple individuals from the U.S. and other regions said that people from “well off” countries should not assume the economic situation in Venezuela will not happen to their economy. In their opinion Venezuela, Greece, and many other manipulated and centrally planned monetary systems worldwide are simply the first of many to fall.
What do you think about bitcoin helping this family from starvation? Do you believe there are more families around the world using bitcoin as a safe haven? Let us know in the comments below.