Price of bitcoin soars 30% in Venezuela
Venezuela has experienced an increase in bitcoin price and volume as it endures the worst economic crisis in its history. Bitcoin has been on a roller-coaster ride during the turbulent period, with its price calculated using the unofficial black market rate. Economists have forecast devaluation, inflation and a shortage of goods, pushing up the black market rate which, if this continues, will have a knock-on effect with the bitcoin price. If the black market rate rises, so does the bitcoin price. The price has risen from VEF650,000 ($65,065.07) per bitcoin two weeks ago to VEF850,000 ($85,085.09); an increase of 30% within that time.

About The Author

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.