08-07-2021, 03:39 AM
Hyperinflation at its best. Venezuela officially announced that will remove 6 zeroes
<!-- SC_OFF --><div class="md"><p>Hi guys, as you probably know I'm Venezuelan living here, crypto enthusiast.</p> <p>Title says all, this is the 3rd time in the last 15 years it has been done. </p> <ul> <li>In 2008, 3 zeroes were removed.</li> <li>In 2018, 5 zeroes were removed.</li> <li><p>And now, in 2021, 6 zeroes will be removed.</p> <p>More and more frequent and more zeroes, maybe in 2 years 9 zeros? I hope not!</p></li> </ul> <p>Just weeks ago I got my first 1,000,000 Bs. (Bolivar) bill, just released months ago, worths only 0.25 USD. I understand why they are so scarce, they are death before being born. </p> <p>As for now, one USD is around 4,000,000 Bs. so 1st October one USD will be 4 Bs. Monthly minimum wage is 10,000,000 Bs. as today (2.5 USD monthly), it will be converted to 10 Bs. </p> <p>Of course, two months until 1st October, hyperinflation will continue, I think the exchange rate will be around 6,000,000 Bs the day of the currency change.</p> <p>AMA</p> <p><a href="https://www.bloomberg.com/news/articles/2021-08-05/venezuela-to-cut-six-zeros-from-bolivar-push-digital-adoption">https://www.bloomberg.com/news/articles/2021-08-05/venezuela-to-cut-six-zeros-from-bolivar-push-digital-adoption</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WorkingLime"> /u/WorkingLime </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oz5oww/hyperinflation_at_its_best_venezuela_officially/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oz5oww/hyperinflation_at_its_best_venezuela_officially/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Hi guys, as you probably know I'm Venezuelan living here, crypto enthusiast.</p> <p>Title says all, this is the 3rd time in the last 15 years it has been done. </p> <ul> <li>In 2008, 3 zeroes were removed.</li> <li>In 2018, 5 zeroes were removed.</li> <li><p>And now, in 2021, 6 zeroes will be removed.</p> <p>More and more frequent and more zeroes, maybe in 2 years 9 zeros? I hope not!</p></li> </ul> <p>Just weeks ago I got my first 1,000,000 Bs. (Bolivar) bill, just released months ago, worths only 0.25 USD. I understand why they are so scarce, they are death before being born. </p> <p>As for now, one USD is around 4,000,000 Bs. so 1st October one USD will be 4 Bs. Monthly minimum wage is 10,000,000 Bs. as today (2.5 USD monthly), it will be converted to 10 Bs. </p> <p>Of course, two months until 1st October, hyperinflation will continue, I think the exchange rate will be around 6,000,000 Bs the day of the currency change.</p> <p>AMA</p> <p><a href="https://www.bloomberg.com/news/articles/2021-08-05/venezuela-to-cut-six-zeros-from-bolivar-push-digital-adoption">https://www.bloomberg.com/news/articles/2021-08-05/venezuela-to-cut-six-zeros-from-bolivar-push-digital-adoption</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WorkingLime"> /u/WorkingLime </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oz5oww/hyperinflation_at_its_best_venezuela_officially/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oz5oww/hyperinflation_at_its_best_venezuela_officially/">[comments]</a></span>Kind Regards R