With a total population of about 32 million people, the impact of a minority of Venezuelans flocking to Bitcoin likely won’t have an immense effect on the price of the asset. However, if a country with a larger population with citizens willing and capable of purchasing significant quantities of BTC, the impact would be much more substantial
Zimbabwe’s ban on foreign currency, and the nation’s record inflation, has spurred demand for cryptocurrencies like bitcoin to try to preserve wealth. Zimbabwean authorities last year banned banks from processing bitcoin and is warning that cryptocurrencies are open to hacking