President Nicolas Maduro has presided over Venezuela’s spiral into its worst-ever economic crisis, with hyperinflation forecast to reach 10 million percent this year.
As a result, some 3 million Venezuelans have fled abroad over the past five years to escape worsening living conditions.
The rising interest for Bitcoin and other digital assets in Venezuela has been driven, in large part, by the fast-moving political and economic collapse in the South American country.
In early 2018, Maduro sought to bring an end to a prolonged period of economic turmoil by introducing the so-called petro cryptocurrency.
The petro was designed to help Venezuela’s government keep up with international financial obligations at a time when the country’s collapsing economy was hit by sanctions from the U.S. and European Union.
Critics have since widely discredited the move, calling the currency a “scam.”