Venezuela just ‘linked’ the newly created sovereign bolivar to its terrible cryptocurren…

You know you’re in trouble when your only hope for stability is something as notoriously unstable as cryptocurrency. And yes, Venezuela appears to be very much in trouble.  

According to Bloomberg, Venezuelan President Nicolas Maduro announced on Friday that he intended to link a new national currency, the sovereign bolivar, to a cryptocurrency of his own government’s making — the Petro. This is the first case of a government tying its economic fortunes so closely to that of any digital currency, and suggests a possible exit path for a country ravaged by hyperinflation. 

That is, it would suggest an exit path … if the plan had any hope of turning the country’s messy economic situation around. Instead, the act devalues the bolivar by around 96 percent as it takes its new form while leaving many questions about Petro unanswered.

The changes supposedly went into effect today. 

Hyperinflation expert…