A man counts Venezuelan Bolivars. Photo: Wil Riera / Bloomberg via Getty Images

As Venezuela's economy descends into chaos, its currency, the bolivar, has taken a big hit, with one town inventing its own money to get around hyper-inflation and the government developing a state-issued cryptocurrency to evade U.S. sanctions.

In perspective: The black market exchange rate currently sits at 230,941 bolivars to one U.S. dollar, per DolarToday. And Bloomberg is tracking inflation in Venezuela by using the price of a cup of coffee as an indicator. One café con leche is now priced at 80,000 Bolivars, reflecting 4,344% inflation over the last year.

  • Paper money is increasingly difficult to acquire in Venezuela, and people have taken to paying cash dealers 100% premiums for it.
  • Russia was behind the creation of the "Petro," Venezuela's cryptocurrency, which the U.S. banned its citizens from buying, per a TIME investigation. The Kremlin has denied involvement in the development of the digital currency.
  • The town of Elorza has developed its own currency, named for the town, to make it easier for residents and visitors to conduct financial transactions, BBC reports. Residents of Elorza can get the paper money at the mayor's office.
  • The country's GDP has shrunk by close to 15% a year for the past two years, and that decline expected to continue in 2018

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.