Venezuela is may be moving towards Bitcoinization

In the past months, the news about the drastic growth and demand for the cryptocurrency Bitcoin in Venezuela has made the rounds in media. Daniel Osorio of CNBC was interviewed recently regarding the hyperinflation in the South American Country, Venezuela. Unlike countries burdened under the yoke of hyperinflation such as Zimbawae, Venezuela does not have access to enough dollars required to stabilize the economy.

He revealed that simple lunch costs around eight to ten dollars or more than 20...