An Insider's View Of The Bitcoinization Of Venezuela

from ZeroHedge:

With Venezuela 'almost' defaulting on their government debt this week, Daniel Osorio, of Andean Capital Advisors, has had a front-row seat in the collapse of the socialist utopia, spending at least a week every month in the almost-failed state.

In a brief but fascinating interview on CNBC, Osorio discussed the fact that as Washington unleashes ever tougher sanctions on Maduro, China and Russia are all that's left for the country with the largest proven oil reserves in the world.

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Then exposed the realities of living under Maduro's crazed policies:

"Venezuela was one of the richest per-capita nations in the world... but now, hyperinflation is a very difficult thing to understand until you have to buy lunch..."

 

"The country has not yet dollarized...  but there's not enough dollars in Venezuela for that to have happened..."

 

"Venezuela is becoming a cashless society... we are starting to see in Venezuela, the first bitcoinization of a sovereign state."

Watch the full interview below...

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