The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Economist Shines Light on Venezuelan Bolivars Littering the Streets As Crypto Trading Volume Soars on LocalBitcoins

by Daily Hodl Staff
August 25, 2019
in Bitcoin

Senior fellow and director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., Steve Hanke, is shedding light on Venezuela’s worthless bolivar in a viral video.

The saying "money doesn't grow on trees" does not apply to #Venezuela. In #socialist #VNZ, hyper-inflating, worthless #bolivars are everywhere.
pic.twitter.com/0n6SKpLZtL
https://t.co/0n6SKpLZtL

— Prof. Steve Hanke (@steve_hanke) August 22, 2019

Hanke has held several government appointments as a special advisor and senior economist in the US and throughout Asia, South America, Europe and the Middle East. The Bitcoin skeptic believes that stablecoins can help stabilize floundering economies where political agendas and poor monetary policies have sparked civil unrest, crime sprees and widespread poverty.

Says the economist,

“Venezuela sits atop the inglorious list of the world’s highest #inflation rates. Venezuela, with a rate, by my measure, of 19,564%/yr is the only hyperinflating country in the world. #Zimbabwe is 2nd with inflation = 541%/yr today.”

Hanke joined the board of AirTM, a peer-to-peer cryptocurrency exchange that has been trying to solve the country’s hyperinflation crisis. AirTM launched Air Drop Venezuela in November of 2018, a fundraising campaign that combines its for-profit corporation with a nonprofit humanitarian charity designed to distribute cryptocurrency donations to 100,000 Venezuelans in need.

As the country’s economic crisis continues to take its toll, leaving people without food, healthcare and medicine, AirTM has had to delay the disbursement of the $321,000 raised so far, reports Miami New Times.

“According to [AirTM cofounder and executive chairman] Tim Parsa, AirTM was simply unprepared for the number of new users it received since launching the Air Drop campaign…

‘We were victims of our own success, and that’s a great problem to have as a startup,’ Parsa says.”

The company is reportedly rebuilding its platform to accommodate an influx of “not only hundreds of thousands but also millions” of users.

Meanwhile, as the national currency litters the streets, record numbers are being traded for BTC on the peer-to-peer crypto exchange LocalBitcoins. A record-shattering 76 billion bolivars were exchanged in the week ending August 10, followed by 71 billion for the week ending August 17.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Meme Fans Eye El Hippo (HIPP) As Floki Inu (FLOKI) Price Dips
    September 19, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
  • Xsolla Launches Mall, an Online Destination for Video Games
    September 18, 2023
  • BlockchainSpace Debuts Polygon-Based Community Rewards Platform, YEY, With Philippine Telco Giant at FIBA 2023
    September 14, 2023
  • OKX Switch McLaren MCL60 Race Car to Stealth Mode for the Singapore Grand Prix
    September 14, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,972.23
$26,972.23
0.65%
Ethereum
$1,618.47
$1,618.47
1.08%
Cardano
$0.24958
$0.24958
1.36%
XRP
$0.508825
$0.508825
0.85%
Dogecoin
$0.062569
$0.062569
0.26%

Spotlight

  • Bitcoin Printing Fakeout Rally Into Death Cross, Says Top Crypto Analyst Benjamin Cowen – Here Are His Targets
    September 14, 2023
  • Bloomberg Analyst Issues Bitcoin Warning, Says BTC Has Hit ‘Exit Signal’ and Could Go Even Lower
    September 14, 2023
  • Two Ethereum Rivals Overtake Cardano on One Critical Metric, Says Crypto Analytics Firm Santiment
    September 14, 2023
  • Arthur Hayes Says Bitcoin (BTC) and Crypto Can Rise With or Without the Fed’s Money Printer
    September 14, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl