Venezuelans are having a difficult time as the country’s power grid shut off on March 7, leaving the majority of Venezuelan states with no electricity for well over a week. According to reports on March 14, electricity has been restored throughout most states within the country. However, during the week-long blackout, bitcoin trades on the peer-to-peer exchange Localbitcoins plummeted by 40 percent.
Venezuelan Infrastructure Remains in Dire Straits
The Venezuelan people have been suffering for quite some time as the nation’s inflation rate has crossed a whopping 2,688,670 percent as of January 2019. The Venezuelan fiat currency, the bolivar, is basically worthless and there are many pictures of banknotes strewn across the streets within the capital of Caracas and other areas. To make matters worse, on March 7, the country lost electricity during a severe blackout. Much of the region’s telecommunications system seized as well, making it difficult for individuals within the country to communicate to the outside world.