Sources on various social media channels are reporting a massive uptick in the amount of interest in cryptocurrencies among internet users in Venezuela. Data from Google for popular search terms related to bitcoin and other alt-coins shows that they occur most often in Venezuela.

Since global oil prices collapsed a few years ago, the Venezuelan bolívar has been gripped by hyper-inflation which has led to shortages of food and medicines, and social unrest. Many people queue all day to buy basic necessities – only to discover that prices have risen dramatically by the time they have the opportunity to make a purchase, or that goods are no longer available.

The Venezuelan President recently announced plans to launch a national cryptocurrency called the petro, which would be linked to national oil reserves. However, the country’s Congress opposed the move. Opponents of the petro claim that because the cryptocurrency would be linked to oil, its creation would amount to government spending, which had not been given congressional approval. Some sources suggest that the interest in bitcoin is proof that the cryptocurrency has a real-world practical use, outside of it being used as an asset which is subject to speculation.