Venezuela emerges from hyperinflationary scenario and cryptocurrenc...

It is extremely gratifying for me to write these lines that draw in real terms the evident economic recovery that my country Venezuela is experiencing, the truth is that, since the last quarter of 2021 the data exposed by Bloomberg began to reveal that Venezuela had left the hyperinflationary scenario.

This extraordinary scenario at the end of 2021 was extended to the first quarter of this year, when it was verified that the Venezuelan government managed to reduce inflation above 3,000% to values below 50%, an element that can be seen in a constant recovery of the purchasing power of Venezuelan workers.

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According to data shared by Bloomberg, Venezuela's GDP is poised to grow by 20% this year, as increases in oil production drive a dramatic rebound for an economy that collapsed just 2 years ago.

Additionally, Bloomberg revised its forecast for 2022 economic output from the previous 4.5%, and predicted that gross domestic product will expand an additional 8% in 2023, up from its previous estimate of 3%, on this, many economists believe that growth will be above 20% which would mark the highest economic growth in the region and much of the European and Asian countries.

It is worth mentioning that in the face of this very encouraging and positive news, paradoxically in Venezuela the dollar did not serve to save value, while Bitcoin and cryptocurrencies did, this indicates that Venezuela is a good example of what cryptocurrencies represent for the financial recovery of any state that is subjected to strict and unjust economic sanctions.

Given this scenario of economic recovery estimated for 2020 of over 20%, a point in favor is that in Venezuela the use of electronic cards that allow payment with cryptocurrencies is already being announced, this reality envisions a favorable horizon for the economic and financial health of Venezuela.