With inflation set to hit 2,000% next year, an increasing number of Venezuelans are converting their bolivar into bitcoin. They believe the notoriously volatile cryptocurrency will offer more stability than the plummeting bolivar.
The German capital is fast becoming a major center for the development of cryptocurrency systems. The Longhash Crypto Festival held in the city brought together participants from across the world.
The best-known cryptocurrency, Bitcoin, has been around for 10 years and its history so far has been one of ups and downs. The financial world is still split down the middle over the future of the virtual currency.
A further drop in the value of Bitcoin and other cryptocurrencies has recently left investors nursing heavy losses. Many proponents are holding out for a new breakout, if their digital assets can go mainstream.
Russian President Vladimir Putin and Venezuelan President Nicolas Maduro have been making a diplomatic show of their friendship, leaving Washington wary of Russia's participation in a Venezuelan military exercise.
© 2019 Deutsche Welle |
Legal notice |
| Mobile version