As the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country’s ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary.
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Bitcoin Not Bolivar
Carlos Hernández, a Venezuelan living in Ciudad Guayana, told his story in The New York Times on Saturday about how bitcoin is saving his family throughout the ongoing crisis in Venezuela. Citing the bolivar’s daily inflation rate of around 3.5 percent, he wrote:
I don’t own bolívars, Venezuela’s official currency. I keep all of my money in bitcoin. Keeping it in bolívars would be financial suicide.
He explained that he does not have a bank account abroad…