Amidst the development of a nationwide financial turmoil, the demand towards Ethereum and Bitcoin are rapidly rising in Venezuela. In April, the Venezuelan government revealed that the 2016 inflation rate for the Venezuelan Bolivar recorded 274 percent. Yet, economists and experts revealed that the actual inflation rate of the Venezuelan Bolivar has been far higher, with reports suggesting that the inflation was as high as 800 percent. Mining illegal The oil sector, which the Venezuelan economy is primarily based on, has also been on a downward trend, as the industry declined by 12.7 percent in 2016 alone. The continuous decline in the country’s oil sector, increasing inflation rate of the Venezuelan Bolivar and the lack of jobs have left the vast majority of the country’s population starving, with young graduates struggling to find jobs that provide sufficient salary to support households financially.