Venezuelans seeing bitcoin boom as survival, not speculation

CARACAS, Venezuela (AP) — In the last month, John Villar has bought two plane tickets to Colombia, purchased his wife's medication and paid the employees of his startup business in Venezuela — all in bitcoin.

As Venezuela's national currency loses value at a catastrophic rate, thousands have begun turning to the world of cryptocurrency to salvage what little value remains from their increasingly worthless bolivars.

"This is not a matter of politics," Villar said. "This is a matter of survival."

Both poor Venezuelan retirees and wealthy business leaders are converting their bolivars into bitcoins online and then using the digital currency to pay for everything from doctor appointments and honeymoons to motorcycles and artisanal beer.