Venezuela is turning, due to the high inflation that the country suffers, to operate in many places only with Bitcoin, since the Venezuelan Bolívar hardly has any value.

Cryptocurrencies and their mining is especially taking place in countries with a weakened economy or in recession, such as China or Russia, but for some time, Bitcoin has been moving a lot in Venezuela, where it is bought and mined , which has caused a great demand for this cryptocurrency in the country. Daniel Osorio, from Andean Capital Advisors in an interview with CNBC, comments that the country could be totally 'bitconized'. Osorio, who spends a week a month in the South American country, has been interviewed to talk about the extreme inflation that the country suffers, where he explained that a simple lunch costs more than 200.000 bolivars, which is about $ 8-10

Foreign currencies have always been accepted in the country, unofficially, because it is not legal in Venezuela to pay with dollars or euros, but now some businesses also support Bitcoin or directly, they only support this cryptocurrency. Osorio also highlights that, unlike Zimbabwe or other countries with very high inflation, they do not have access to dollars to adjust their economy, due to the political conflict between this country and the United States, something that in recent years has been a growing problem .

Many establishments have passed the Bitcoin to be able to continue operating and not have to close the doors. Bitcoin is an independent market, to the marketing of bolivars through a black market, which means a better and fixed exchange system for businesses. Osorio also comments: 'We may be witnessing the first' bitconization 'of a sovereign state.' The reality is that there are economically depressed countries, which can see how Bitcoin or another cryptocurrency becomes a common currency for the payment of goods and services, since their currencies have little value.