As we begin the new year, we’d like to recognize the author Sam Brodbeck for featuring us in the popular News blog “The Telegraph”. The Telegraph is a phenomenal multi-subject blog based in the United Kingdom! With over 450 thousand followers on Instagram, 2.5 Millions followers on Twitter and tons of subscribers, this blog is well known and respected in the United Kingdom and overseas. It has been exactly one year since we were featured in one of their stellar blogs and we still are incredibly grateful to be included in such prestigious work.

Source: Basement of a bank full of banknotes, at the time of the Mark devaluation, during the economic crisis, Weimar Republic (Germany), 1923. (Photo by Albert Harlingue/Roger Viollet via Getty Images)

The Hyper-inflation crisis in Venezuela

Sam Brodbeck is a Deputy Personal Finance Editor for the Telegraph. He was able to speak on the subject of “inflation” and explain to readers why even though Venezuela is going through the worst inflation seen in their history, people are still buying their banknotes? More importantly, why?

The idea behind investors buying inflated currency is the possibility of the currency revaluing and gaining a profit in the long run. When the market goes up, the “worthless” currency people have bought will then shoot up and then double or even triple in price. This is what many are hoping in Venezuela’s case. Sam states, “Thankfully there have been only a few moments in history when leaders have lost total control of the value of their country’s money. Years later, they give a fascinating insight into how quickly the rules of society can break down – and offer canny investors the chance to make steep returns.”

Source: BBC News

Going on around 4 years this upcoming November, Venezuela’s hyper-inflation epidemic seems to have no ending in sight. With prices doubling on an average of 19 days, locals barely have enough for a full tank of gas or even a McDonald’s cheeseburger with 145,000 bolívars in hand.

By mid-2018 the official foreign exchange rate was about 250,000 bolívares to one US dollar. Source: shutterstock

Sam adds a quote from our CEO Abdullah Beydoun, stating, “It is a very similar situation to what happened in Zimbabwe’s hyper-inflationary period. The difference is that while the Zimbabweans moved to the dollar within three years of the crisis.”

Abdullah Beydoun, CEO of Banknote World, 2019

Thank you to the Telegraph and the talented author Sam Brodbeck for featuring us in your article. Also, a big thank you for shining light and educating your audience on the hyper-inflation crisis that is currently happening in Venezuela.

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