Tag: Devaluation

The Venezuelan Bolivar Tanks 24% of its Value in One Day

Dictatorship, devaluation, hyperinflation, drama. Those are just a few words to label what’s going on in Venezuela. The country, formerly described as a “socialist paradise” by the leftists in the region, is now facing the consequences of eighteen years of fiscal irresponsibility and production decay.  The government has seized key industries. But what prompted this disaster? Many people talk about the decay of oil prices, which comprises 98% of Venezuela’s …
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Bitcoin Price Increases 30% In Venezuela Due to Currency Devaluation

Venezuela, the South American country famous for its cheap gas (fuel) prices, has experienced a surge in both Bitcoin volume and price. The country is in the middle of the worst economic crisis ever seen in its recent history. According to the Venezuelan consulting firm, Ecoanalítica, the country’s annualized inflation reached the 1.108% mark. The Venezuelan government has unofficially banned the country’s central bank (BCV) from releasing economic indicators such as inflation figures …
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