Post
Topic
Board Economics
Re: Venezuela hit by new nationwide powercut for more than three days
by
avikz
on 28/03/2019, 14:13:00 UTC
Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

Venezuela is facing hyper inflarion. The current president tried to take cryptocurrency route to save the economy but that failed big time! So no relief is to be seen for Venezuela anytime soon! Power cut is just one of the bad effects of a destroyed economy. If no steps taken by the government, a drought will follow soon!

I don't think any impact on cryptocurrency will come due to Venezuela's power cut because Venezuela is not a very active mining country of bitcoin. If this same power cut had happened in China, the impact would have been severe. But Nothing for Venezuela for sure!