Inflation in Venezuela causes the price of Bitcoin to double every 18 days

[Brazio]

The value of Bitcoin (BTC) in Venezuela does nothing but continue to rise due to the hyperinflation registered in the country. According to measurements, for example, the Café con Leche Index of Bloomerberg, which measures the inflation registered with the price of a cup of coffee, in only a period of 6 months inflation in the Caribbean country reaches 197,431%.

To illustrate this better, at the current inflation rate, the products double their value every 18 days. For example, the aforementioned cup of coffee that cost Bs 45,000 6 months ago now costs Bs 2,000,000. For its part, despite the ups and downs in the value of Bitcoin in US dollars, its value in bolivars decreases relatively little, even in days when the cryptocurrency falls with respect to the dollar, it is priced more expensive in bolivars than in the previous day.
The worst for Venezuela is still to come, as the International Monetary Fund (IMF) projects that the inflation rate will reach 1,000,000% by the end of the year. This situation is only comparable with the cases of Germany in 1923, after World War I or Zimbabwe at the end of the 2000s. The IMF estimates that Venezuela's Gross Domestic Product will continue to plummet for the third consecutive year. double digit figures.

However, Bitcoin's trading volumes continue to reach record levels week after week as people seek alternatives to mitigate the crisis due to the difficulty of buying US dollars and other currencies. According to the Coin.Dance page, since the beginning of the year, purchase volumes have been on the rise regularly.

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