Venezuela has become synonymous with crypto usage, as its economy plunges even further into the realms of hyperinflation with every passing minute. Crypto usage in the country has spiked to unprecedented levels as the national currency falls apart and dozens of charities around the world have begun raising funds in cryptocurrencies to help the starving nation.
Professor Steve Hanke – professor of applied economics at John Hopkins University – has put together a new charitable drive named Airdrop Venezuela. It plans to donate more than $1 million in cryptocurrencies to struggling Venezuela families to help them survive the end of Maduro’s reign of terror.
Helping 100,000 Families
Hanke’s new charitable drive has pledged to spread $1 million amongst 100,000 verified Venezuelans, with priority going to families with young children. So far, Hanke has raised $272,000 and 60,000 verified Venezuelans have signed up to the program. Hanke has teamed up with AirTM to help accept donations and distribute them amongst Venezuelans, but it has been slow moving so far. Anyone interested in accepting donations will be required to sign up to the platform and register for the program.
Bitcoin Helping Educate Students
Towards the end of 2018, a charity called Crypto for Venezuela tapped up the rather generous Reddit community of Bitcoin users. The charity managed to collect enough Bitcoin to buy school supplies for more than 500 children. The Bitcoin was taken to Traki – the largest Venezuelan department store that accepts Bitcoin – where books, pencils, and other school resources were purchased. In a moving video, Crypto for Venezuela donated the equipment to a rather happy and excited bunch of school children.
The Venezuela Situation is Getting Worse
While international aid has been attempting to reach the country, Maduro has been turning it away. This has led to bloodshed on the streets and unprecedented levels of violence. The country’s national fiat currency lines the streets as the paper it’s printed on becomes worth more than the note itself. The power has started going off in areas of Caracas, causing crypto users to begin to struggle as well. Thankfully, those with generators have managed to keep the party going, but it’s not going to be long before the country is completely destroyed by looting and poverty.
AirTM has said that it’s open to working with opposition leader Juan Galindo to help raise funds to feed the people, but Hanke continues to press that this drive is purely humanitarian – not politically motivated. Hanke is simply trying to help the starving people of Venezuela survive long enough to see change.