2026-01-06 04:26:14

Venezuela's economic crisis has persisted for years. The former opposition leader recently proposed a bold idea in a new publication: Bitcoin has helped ordinary people survive hyperinflation in the past and could become an important tool for national economic reconstruction in the future. This assertion has sparked widespread discussion within the Latin American crypto community.

Let's first look at the background. Around 2018, Venezuela's national fiat currency, the Bolivar, experienced hyperinflation exceeding 1,000,000%. How outrageous is this figure? At that time, ordinary citizens could hardly rely on the banking system and instead turned to Bitcoin for transfers and wealth storage—almost becoming the digital age's "money sewn into the mattress." There were scenes in Caracas of Bitcoin ATMs with long queues, illustrating how urgent the market was.

Why Bitcoin? There are three key reasons: First, low technical barriers—ordinary people only need a smartphone to bypass traditional banking systems; second, the ledger is transparent and tamper-proof, which becomes especially valuable after the government’s credit collapse; third, it provides global liquidity, helping citizens directly access the dollar ecosystem and break free from dependence on a single economy.

But reality is far more complex than imagined. Policy swings are unpredictable—former governments banned crypto payments, and whether the new leadership will truly embrace this path remains unknown. Meanwhile, Bitcoin's price volatility cannot be ignored; last year, it fell over 30%, and its stability is far from the ideal many expect. Additionally, geopolitical factors may intervene—some major countries could impose sanctions on crypto transactions related to certain parties.

From an application perspective, if this idea truly materializes, we might see gas stations accepting crypto payments, more blockchain-based local financial services, and new mining centers in South America. But this could also be one of the most risky economic experiments in blockchain history. National economic reconstruction is not just a matter of technological replacement; it involves complex games of制度,政策, and international relations.

Overall, this case warrants ongoing observation. It reflects the practical potential of cryptocurrencies in extreme economic environments while also exposing the limitations of technological solutions within real political and economic contexts.

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GateUser-a180694b

· 01-08 06:47

To be honest, the 10 million times inflation in Venezuela is truly incredible. The scene of people lining up for BTC ATMs must have been so desperate. Bitcoin can be a quick fix, but using it to rebuild the entire national economy? That idea is way too optimistic. The key still lies in policy direction—one administration bans it, the next embraces it. How can ordinary people dare to use it with such unpredictability? Are you sure you understand whether a 30% price fluctuation is stable or not? What if there's an emergency and the price drops suddenly? But I have to say, the technological ceiling is indeed low. You can use it with just a mobile phone. In places where credit has completely collapsed, it’s truly a remedy. The real hidden danger is the risk of sanctions. If the U.S. is not willing, everything is over. It feels more like a political gamble rather than an economic solution. Blockchain can't be the savior.

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Whale_Whisperer

· 01-06 04:56

Venezuela is really backed into a corner this time, but saying that Bitcoin is the savior might be a bit of a stretch. Policies change suddenly and everything cools off; this risk is really unbearable. Guys, please don’t see this as some grand narrative. When geopolitical tensions flare up, no cryptocurrency can withstand it. The era of queuing up in Caracas to buy Bitcoin is over. Now? As soon as volatility appears, the true nature is exposed, and ordinary people simply can't bear it. Honestly, technology can't fix systemic issues; this is a dead end. Does Venezuela want to use crypto to get out of the predicament? I bet five bucks that in the end, it still depends on the US dollar. Don’t hold onto false hopes, everyone.

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ChainSauceMaster

· 01-06 04:52

Venezuela's situation is actually a real application driven by necessity, not hype. --- Million-fold inflation... These numbers are truly outrageous. I can't even figure out how they are calculated. Ordinary people are probably overwhelmed too. --- But to be honest, whether this set of things can really take off ultimately depends on the government's stance. No matter how advanced the technology is, it can't withstand a policy crackdown. --- What I care about is whether this will become the next story for some big influencers in the crypto world, used as a pretext to fleece retail investors... --- BTC's 30% volatility and still thinking of using it to save the country? That's a bit naive, lacking imagination. --- The scene at the Caracas ATM line was really intense, showing how desperate people are. --- The biggest pitfall is geopolitical sanctions; no one can shake off the web of the US dollar. --- Instead of hoping for economic reconstruction, it's better to rebuild political trust first...

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MetadataExplorer

· 01-06 04:45

Venezuela's bolivar with that 1,000,000% inflation is truly outrageous... --- The scene of people queuing for Bitcoin ATMs—that's the real underlying demand, not speculative trading. --- The problem is policies... Today embracing, tomorrow banning. Who dares to gamble on future leadership? --- Expect stability after a 30% drop? That idea is a bit too optimistic haha. --- Crypto asset gas stations sound cool, but in reality? Once geopolitics gets involved, it's all over. --- Technology can't save the economy;制度才是根本, Bitcoin is just a tool. --- The harshest statement might be "the riskiest economic experiment in blockchain history"... Do people really dare to play like that? --- From "mattress sewing" to Bitcoin, what does it say? The root cause is the complete loss of trust in the system. --- No matter how heated the discussion in the Latin American crypto community, it still depends on whether Washington agrees or not, sigh. --- If it really happens... then the concept of South American mining centers becomes very worth paying attention to.

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PumpStrategist

· 01-06 04:40

A typical narrative trap: treating extreme environments as normal and extrapolating from them. Risk release is still far away. Policy swings + geopolitical sanctions—these alone are enough to cut all expectations in half. But retail investors always only see the story, not the distribution of chips. The pattern is already set. If Venezuela keeps messing around, Bitcoin there will be high-volatility trash. Low barriers to entry ≠ truly usable. From a probabilistic strategy perspective, relying on the hope of economic reconstruction on an asset with over 30% volatility... that’s just desperate. Don’t be fooled by the phrase "historic opportunity." In the face of national interests, technical solutions are all paper-thin. 1,000,000% inflation is truly tragic, but the current logic is a typical case of hindsight bias. It’s too early to say it’s interesting. Sounds good, but once sanctions hit, everything falls apart. If the US dollar ecosystem was really that easy to access, there wouldn’t be so many non-Fed systems struggling.

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