Hyperinflation is deepening in Venezuela. The economic crisis is so great that a Venezuelan bolivar is currently worth only one satoshi.
Currently, the price of one Bitcoin in the country is around 105 million Bolívars, according to data from LocalBitcoins. This equates the Venezuelan bolivar with satoshi. Both are worth approximately $0.00004.
Inflation rate 2000 percent
People in Venezuela have been facing uncontrollable high inflation for some time now. It is claimed that the current inflation rate in the country has reached 2000 percent.
While the government almost exhausted its foreign exchange reserves, the public found the solution by using digital currencies such as Bitcoin.