Venezuela Devalues Currency by 35% – Bitcoin is the Only Solution?
Currency has lost a third of its value against the USD this month. The Venezuelan government has been struggling to combat inflation. The move comes when Venezuela is facing a political crisis. On Monday, the Venezuelan currency was virtually 35 percent devalued to bring it in line with the black market dollar-to-bolivar exchange rate. The official exchange rate fell to 7.10 bolivars per U.S. dollar, 1.60 bolivars less than the parallel value. Asdrubal Oliveros, head of market research firm Ecoanalitica, explained there are two factors affecting the exchange rate: The first one has to do with the rise of public