Venezuela: The Price of Bitcoin is Now Doubling Every 18 Days

The price of Bitcoin in Venezuela is now doubling roughly every three weeks as hyperinflation continues to plague the country. At the same time, Bitcoin trading volumes keep hitting record highs as people are scrambling for an exit.

86,857 Percent Annual Inflation Rate

Just a year ago, a cup of coffee in Venezuela would have cost you 2,300 bolivars. Today, however, according to Bloomberg’s Café Con Leche Index, you’d have to pay roughly around 2 million bolivars. What better way to exemplify the rampant inflation plaguing the country?

Unfortunately, it doesn’t stop there. The International Monetary Fund (IMF) projects that the inflation rate will hit the unparalleled 1 million percent by the end of 2018. In other words, at the current inflation rate, prices in the country are doubling roughly every 18 days.

The wide majority of the country’s citizens are reportedly living in poverty, having to spend astronomical amounts of money on simple day-to-day staples like flour,…