Macro woes are worsening, as Venezuelan BTC volumes grow

Wei Lin

By Wei Lin

As an investment product, Bitcoin has little chance of a escaping a global depression, but its use as a medium of exchange is growing--at least in Venezuela and Argentina, where volumes have skyrocketed as local fiat money hyperinflates. The government of Venezuela is also getting out of fiat, denominating oil and other state transactions in the country's ERC-20 coin, the Petro, starting next year. Are other second-tier economies soon to follow? Janet Yellen, for one, went on record this week saying she fears another financial crisis, which (if it came to pass) would put many more endebted economies on a failing track.

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BTC Volume in Argentina and Venezuela

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