To say inflation is out of control in Venezuela is an understatement.
As of September 2018, consumer prices were up 488,865% in a single year. All as hyperinflationary issues accelerate amid economic collapse. In an effort to stabilize prices, President Maduro cut five zeros off the bolivar currency and boosted minimum wage by 3,000%.
It’s a fine little mess in the region. And the International Monetary Fund (IMF) believes consumer prices will still rise 1,000,000% in 2018.
It’s part of the reason the DASH cryptocurrency is turning higher
Venezuela, for example, has been quick to accept it thanks to hyper inflationary issues.
In fact, many are turning to cryptocurrencies as a way to store value as the bolívar’s exchange rate spirals far out of control.
The most recent devaluation of the country’s currency is only likely to increase its adoption of Dash by a higher margin. As a result, we’re likely to see a bigger push into cryptocurrencies, such as Dash in the region. In addition, more than 3,000 businesses worldwide accept the coin payments. Nearly half of those businesses are in Venezuela.
Venezuela Inflation Good for Dash Coin Investors
An expected rise in the demand for Dash will lead to a possible price surge in the days ahead.
When a large number of Venezuelan population starts to use Dash, one important event is sure to happen. The market value of Dash will be affected by this increased demand. Thus, Dash will increase in value.
“We are seeing tens of thousands of wallet downloads from the country each month,” Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. “Earlier this year, Venezuela became our No. 2 market, even ahead of China and Russia, which are, of course, huge into cryptocurrency right now.”
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