Does anyone know if crypto is useful in Venezuela? Essentially, is it a terrible idea to hedge that crypto is better or as good as gold during crisis? I just want to put a safety nest somewhere so my family doesn’t starve when the time comes.
I know by 2018 they straight up had an app where you could just order anything entirely in crypto.
My only recourse to keep money that won't devaluate in a matter of days if not hours is to either have it in cash (dangerous and need to know the "right people"), make use of foreign currency-denominated accounts in national banks which would be an extremely foolish endeavor for reasons that should be patently obvious, a tiny amount of frankly dodgy international banks that still do business with Venezuelans... or crypto. In spite of the wild price swings, crypto remains the most reliable alternative among everything I've mentioned.
There is a strong Venezuelan presence in the Nano community.
Gold vs. cryptocurrency is somewhat controversial. Gold is stable and has a long history of value. Cryptocurrencies are volatile and speculative in comparison. Gold is secure, but a private key or seed is easier to cross borders with.
Both have their advantages. Be wary of absolutists.
Cryptocurrencies are still too volatile and untested. Maybe Bitcoin behaves like gold during a crisis, or maybe it's everyone's play money and when times get tough everyone will sell their Bitcoin first. We just don't have historical precedent for it.
Compared to 1000% monthly inflation?