​Blockchain is a relatively new technology, but it is often heard that Bitcoin can be used as a solution to various economic difficulties (including hyperinflation). Today, when central banks around the world cut interest rates and quantitative easing, the value of cloud mining cryptocurrency 2021 has gradually received attention. Case studies of countries that have recently suffered from hyperinflation reveal a story about the role of cloud mining cryptocurrency 2021 in this situation.

Venezuela was once an economic power. Similar to many Western countries, Venezuela was once a stable democracy and economic power, mainly due to its huge oil reserves. However, stimulated by the fall in global oil prices in 2013, the newly elected president chose to print the bolivar to avoid a short-term currency crisis. This proved to be catastrophic because it had the effect of pushing down the value of the currency, leading to more price increases, thereby exacerbating the cycle of hyperinflation.
Five years later, Venezuela’s inflation rate reached a peak of 65,400%. The result is a humanitarian crisis, a monthly salary cannot buy enough basic goods, regular power outages across the country, food shortages, and diseases caused by the squeeze of medical resources.
In response to the ongoing crisis, Venezuelans have quickly adopted cash alternatives. Now Venezuela has become the leading country in Latin America for cryptocurrency payments. In Venezuela, 28.6% is done digitally, while the average rate for other countries in the region is 5.93%.
As citizens turn to digital and non-Bolivar payment methods, the switch to cryptocurrency seems to be a natural step, which also reflects the value of cloud mining cryptocurrency 2021. Since 2020, the transaction volume of Bitcoin/Bolivar has soared.

Physical stores have adapted to this, and the value of cloud mining cryptocurrency 2021 is widely accepted in exchange for payment for daily necessities such as furniture, clothing, and groceries. And not just Bitcoin, Venezuelans also use other cryptocurrencies, including ETH, DASH, and EOS.
Taking Venezuela as an example, if hyperinflation occurs in the United States or other Western countries, this may see cryptocurrency being adopted on a larger scale. But objectively speaking, when the currency depreciates, the value of cloud mining cryptocurrency 2021 lies in the ability to provide an alternative transaction method to protect people's property from loss.