The Venezuelan government is now officially recognizing Bitcoin and Litecoin as means of payment and remittance.
Venezuela is not just recognizing it, they are also encouraging and promoting it and hopefully it will do the country a lot of good.
This is really big news, probably this is history in the making, and it has a huge significance, the effects of which we probably are going to see sooner or later.
We are now witnessing in real time this awareness and adoption of Bitcoin. The infrastructure that's being created around Bitcoin, it's probably growing at an exponential rate.
The media does not report on this, and the general public don't know about this yet. So it's probably going to take some time.
This is the first time we have seen a government turned to Bitcoin like this.
Talking about Venezuela, they are in turmoil right know and actually they need a lot of help. There's US sanctions, there's strikes in the streets, there's a shortage of food, medicine, basic necessities and more than that, how this applies to us today is that they don't have a reliable way to store and send money. Their own fiat currency which is a government backed and issued currency has gone through hyperinflation, so even just buying a small amount of something cheap, it would cost you stacks of hundred dollar bills. So their official national cryptocurrency is not of a good store value, it's not a good means of exchange. The country got problems and they need to fix it.
We've already seen that the people of Venezuela have started to increasingly buy and use Bitcoin.
The interesting thing here is, because it was kind of expected that people in Venezuela would start using cryptocurrency. The surprise is that the government is now getting involved.