Venezuela’s economic crisis continues to worsen, despite the president’s controversial attempts to revive his country. The demand for Bitcoin (available on Coinbase) (BTC) and other cryptocurrencies continues to rise this year, as the country’s dollar, the bolivar, continues to drop.

Venezuela has hit crisis mode extreme, but can BTC save them?

Bitcoin (available on Coinbase) Booming in Venezuela

According to Coin Dance, Venezuelan residents’ interest in Bitcoin (available on Coinbase) (BTC) reached its peak in July of this year. Most countries have declined since January of 2018, when the total crypto market hit its all-time high.

In December, BTC hit just under $20,000 a coin, and aLTCoins hit record-highs the first week of January. Since then, the crypto market has dropped $500 billion in value.

The interest recently in Bitcoin (available on Coinbase) by the residents in Venezuela at this time is rather shocking. However, with the country’s economic downfall, it seems its residents are doing anything to try and survive in their country.

According to the International Organization for Migration, since the year 2015, around 1.6 million people had fled from Venezuela. Many have fled to other South American countries such as Peru, Brazil, Argentina, and Columbia.