How Bitcoin Is Saving Lives in Venezuela

By Justin Spittler, editor, Casey Daily Dispatch

To some folks, bitcoin is a speculation. To others, it’s a fad.

But to the people of Zimbabwe, it’s a lifeline.

That’s because Zimbabwe’s economy is a basket case. It’s been this way for years.

A decade ago, the central bank of Zimbabwe tried to solve its economic problems by printing money…with predictable results.

In 2007, the inflation rate in Zimbabwe was running at 24,411% per year.

By 2008, the situation was so bad that the government stopped tracking inflation.

But experts say the annual inflation rate hit 231 million percent in July 2008. By November 2008, inflation hit 79.6 billion percent.

• That’s when the government finally admitted that its currency was worthless…

It abandoned its own currency and started to use the U.S. dollar and the South African rand instead.

But this hasn’t fixed the country’s problems—not by a long shot.

Inflation in Zimbabwe is still sky-high. Unemployment is at 90%. About 74% of the population lives on less than $5.50 per day.

It’s a complete disaster.

• So, the people of Zimbabwe are turning to bitcoin…

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