The Latin Americans and Venezuelans, in particular, Bitcoin isn’t a speculative asset for getting rich quick–it’s a lifeline but Bitcoin went on tearing breakout on Sunday trading at over $4,200–its highest in 2019. With such a marked rise often characterized by dramatic spikes from one week to the next, we even speculated over whether Venezuelans and Argentinians were buying the dip back in December 2018.Bitcoinist has reported several times over the course of the last year about the uptick in Venezuelans, Colombians, and other countries in Latin America buying bitcoin.
Despite the price hike yesterday followed by a swift correction, Venezuelans are buying bitcoins. And it isn’t to see how high the price will go, or a way of making money. It’s to actually purchase things.
BITCOIN IS MORE THAN A SPECULATIVE ASSET
Many Bitcoin HODLers waiting for the price to go back up (look no further than John McAfee’s extreme optimism). And he’s certainly not the only one.Anyone with a decent stack of bitcoins or satoshis remains quietly confident despite the bear that the price will kick off in earnest again.
According to Venezuelan economist, Carlos Hernández, in an essay in the New York Times yesterday, Bitcoin has saved his family.He doesn’t state his age in the article, but he does mention that he is now her family’s breadwinner. This is thanks to his ability to transact small amounts of bitcoin and buy food for his family.
Earning in a currency with a yearly inflation rate of 1.7 million percent, he takes home around $6 per month. He had tried to be a lawyer, but professionals facing this kind of indescribable hyperinflation, only get poorer. They have to look for any other option they can find to survive He states that: Cryptocurrencies helped my brother Juan, 28, escape Venezuela last summer. He also said that he will keep all of his money in Bitcoin.