RATE Group | Venezuela: Inflation Tops 100,000 Percent, Bitcoin Costs 60M Bolivars
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Venezuela: Inflation Tops 100,000 Percent, Bitcoin Costs 60M Bolivars

19 Aug Venezuela: Inflation Tops 100,000 Percent, Bitcoin Costs 60M Bolivars

Posted at 02:26h in Bitcoin News by

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Venezuela’s currency the Bolivar Fuerte jumped to 9.2 million per dollar and almost 60 million per bitcoin August 18, just two days before a major redenomination cuts five zeros off its value.

Redenomination Looms

As reported by cryptocurrency commentators including Purse.io support head Eduardo Gomez, the bolivar traded unofficially at around 6.7 million VEF per 1 USD August 17, before suddenly depreciating rapidly to 9.2 million.

“Yesterday 1 bitcoin was worth 44 billion bolivars, now it’s at 59 billion,” he noted.

Venezuela: Record Bitcoin Buying Spree Continues Amid Hyperinflation

As Bitcoinist recently reported, August saw the bolivar, which is the world’s least-valued currency, extend its increasingly troubled history. Combined with current behavior on Bitcoin markets, the price 00 of the largest cryptocurrency in VEF terms is now doubling every 18 days.

According to Bloomberg’s Cafe Con Leche Index, which tracks the rate of inflation in Venezuela in lieu of official government statistics, a hypothetical coffee now costs 2.5…

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