Crypto is the reason Venezuela’s currency value has decreased.

Tradernewspaper.com – Venezuela’s currency value has decreased. After a recent period of relative stability, the value of Venezuela’s currency, the bolivar, has been declining at an alarming rate. The currency’s decline against the US dollar is almost 40%. Currently, locals are concerned about the devaluation’s acceleration.

On October 25, each dollar was worth 9.05 bolivars, according to the well-known Monitordollar price index. On November 26, the price increased to 12.63 bolivars for each dollar.

Analysts predict that this decline will be caused by an increase in spending that occurs during the Christmas season as a result of more liquidity being injected into the market as a result of bonuses and payments that the government and other employers make to employees.

This is a component of the theory on this topic put forth by the Venezuelan economist Jose Guerra. Guerra said that high inflation made people want bolivars less, so there were more of them on the market.

On Tuesday, November 29, 2022, Guerra was quoted by Bitcoin.com as saying, “People are turning to buying goods and dollars to hedge against inflation and devaluation.”

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