Venezuela is grappling with a 'pork revolution.'

Prices in Venezuela could soar 14,000% this year

14,000

As Venezuela pushes back its long overdue currency overhaul, the country’s desperate public is putting its full faith in bitcoin.

Published   |  Photo by AP Photo/Jose Luis Magana
Venezuela is grappling with a 'pork revolution.'
14,000

The International Monetary Fund predicts that consumer prices in the region will soar nearly 14,000% this year.

Venezuela is grappling with a 'pork revolution.'
14,000

The hyperinflation could send things from dire to catastrophic: The bolivar is all but dead, with food, supplies, and medicines still scarce for most citizens.

Venezuela is grappling with a 'pork revolution.'
14,000

President Nicolás Maduro can’t control Venezuela’s currency, so crypto is stepping up: Bitcoin transactions denominated in bolivars are now trending at an all-time high.

Venezuela is grappling with a 'pork revolution.'
14,000

Weekly Venezuelan bolivar trading volume in bitcoin

Venezuela is grappling with a 'pork revolution.'
14,000

Typically, cryptocurrency is a speculative investment. But for countries like Venezuela—facing crisis after crisis—it’s become a last-ditch effort to curtail a broken financial system.

Venezuela is grappling with a 'pork revolution.'
14,000

Even Maduro’s government wants to replace the bolivar with its own oil-backed cryptocurrency, but it’s unlikely that will do much to fix the damage.

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