SPECIAL ARTICLES
Bitcoin's Emerging
Role in the Third-
World
B
itcoin’s emerging role seems to
be in absorbing fiat currencies,
especially in areas of political
and economic uncertainty. Countries like
Venezuela have been hit hard by U.S.
sanctions. The U.S. sanctions are not the
only reason why Venezuela’s economy has
been crippled. Corruption by its government
and a sharp decline in oil prices play a vital
role. Hyperinflation has also caused many
Venezuelans to turn to bitcoin mining. Some
people in Venezuela are even playing video
games to earn bitcoin.
The IMF has reported that inflation levels
in Venezuela are close to 700%. Apparently,
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