In late 2017, Venezuela was facing one of the world's worst economic crises and hyperinflation. The bolivar, the national currency, was rapidly losing value, and citizens were struggling to purchase food and basic goods.

In this challenging scenario, many Venezuelans began adopting Bitcoin as a means to protect their money and conduct transactions. Bitcoin offered a stable alternative to the collapsing bolivar, allowing people to purchase food and essential items.

People in Venezuela started mining Bitcoin and using cryptocurrency trading platforms to buy and sell the digital currency. This provided many Venezuelans with a way to gain some financial stability amidst the economic turmoil.

Moreover, Bitcoin was also used to receive humanitarian aid donations from abroad, enabling organizations and individuals to assist Venezuelans during difficult times.