As the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country's ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary.

Bitcoin Not Bolivar

Carlos Hernández, a Venezuelan living in Ciudad Guayana, told his story in The New York Times on Saturday about how bitcoin is saving his family throughout the ongoing crisis in Venezuela. Citing the bolivar's daily inflation rate of around 3.5 percent, he wrote:

I don't own bolívars, Venezuela's official currency. I keep all of my money in bitcoin. Keeping it in bolívars would be financial suicide.

He explained that he does not have a bank account abroad and "With Venezuela's currency controls, there's no easy way for me to use a conventional foreign currency like American dollars."

Venezuelan Explains How Bitcoin Saves His Family

As the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country's ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary.

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Bitcoin Not Bolivar

Carlos Hernández, a Venezuelan living in Ciudad Guayana, told his story in The New York Times on Saturday about how bitcoin is saving his family throughout the ongoing crisis in Venezuela. Citing the bolivar's daily inflation rate of around 3.5 percent, he wrote:

I don't own bolívars, Venezuela's official currency. I keep all of my money in bitcoin. Keeping it in bolívars would be financial suicide.

He explained that he does not have a bank account abroad and "With Venezuela's currency controls, there's no easy way for me to use a conventional foreign currency like American dollars."

Hernández revealed that cryptocurrency has enabled him to cover his household expenses on his own, noting that his father, a government employee, earns $6 a month and his stay-at-home mom has no income.

His brother also relies on cryptocurrency. Juan, a 28-year-old lawyer, became a freelancer because "in times of hyperinflation, everyone is constantly getting poorer, including a lawyer's clients," Hernández detailed. He added that his brother "had to turn to cryptocurrencies to get paid" because he could not use Paypal, a common way for websites to pay freelancers, due to "exchange controls here allow[ing] Venezuelan banks to use only local currency." Moreover, cryptocurrency helped Juan avoid his money being seized at the borders when he tried to move to Colombia. "Venezuelan military personnel at the borders have a reputation for seizing the money of people who want to leave," Hernández exclaimed. Overall, he concluded: