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Cryptocurrencies Are Helping Venezuela’s Poor as Conditions Worsen

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Cryptocurrencies Are Helping Venezuela's Poor as Conditions Worsen

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A Venezuelan, using the alias “Hector” to protect his identity, has spoken out against the Madura regime illustrating how the country’s poor is increasingly relying on cryptocurrency for survival, writes Bitcoin magazine.

As Bitcoin News reported recently hyperinflation is rampant in Venezuela and as a result, Bitcoin trading volume keeps hitting new records each week. Meanwhile, authorities are scratching their heads on how to rein in the burgeoning, albeit underground industry, including attempts to crackdown on the import of cryptocurrency mining equipment.

Despite the government’s recent social projects to support student programs through crypto mining at schools and universities, and the building of more than 2 million homes for the homeless, paid for by the Petro, Venezuela’s economy continues to suffer.

The country’s poor have found Bitcoin to be a foil for the country’s hyperinflation which at last count had reached 18000 percent, creating a bizarre situation where locals are now making carrier bags out of the national currency, the bolivar, in order to carry their money in for making a shopping trip.

Hector realized that Bitcoin was the way out of total poverty when he recently received 0.5 nano as a gift, at the time worth $1.80, which was more money than he had made in a month. Four days later Hector saw his money swell after informing the community that he now had opened a wallet. He discovered he had amassed 360.68 nano (nearly$950 at time of press) which allowed him to buy 224 lbs of food for just 29 nano, according to Reddit.

Hector’s story is becoming typical, as Venezuelans turn to cryptocurrency. He explained:

“We were almost running out of food some days ago; it was common for that to happen every six or seven days after getting paid. With the 3 NANO (around $8 USD) we were able to buy food for the whole week and that’s only something to be very happy about, something that doesn’t happen very often.”

As Hector went on to explain, Facebook has become a medium which now attracts thousands of people discussing airdrops, with foreign nationals increasingly becoming involved in these types of benevolent activities. Former Goldman Sachs employee turned developer Jonathan Wheeler recently announced plans to help Venezuelans get their hands on Bitcoin via his massive airdrop and has assembled a team of foreign nationals and Venezuelans to make it successful, even quitting his job in the city. He explained:

“To give it the greatest likelihood of success, it has to be done en masse. We’re trying to make this a large-scale collaborative mission to help people suffering from financial tyranny.”

Hector has the last word, thanking all those that are working towards making the lives of Venezuela’s poor a more positive one. He said:

“Venezuela is what a country with almost zero economic freedom looks like, and many are at risk of ending up like us. One important focus the cryptocurrency community has is to fight for our freedom and I congratulate you guys for standing for what is yours.”

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