Bitcoin exchange volume in Venezuela beats a new record!
The volume of Bitcoins traded by Venezuelans through the peer-to-peer platform, LocalBitcoins, climbed 30% last week to record levels.
According to Coin.Dance data, the volume of the Bs/BTC pair (Bolivar Soberano/Bitcoin) for the week of 02/02/2019 to 02/09/2019 saw an increase of 2,454 BTC.
In US Dollars, this amount equals $ 8.95 million, or $ 1.29 million a day!
According to Matt Odell, researcher at Cryptomoedas, the volume would be larger if 40% of the overvaluation of Bitcoin were taken into account in the Venezuelan market.
In other words, if the “increased price” had been taken into account, the volume could reach about $ 14 million, or $ 5,800 per BTC.
On Twitter, he posted:
“Weekly Volume 2454 bitcoin x $ 3650 = $ 8,957,100 this week 7 = $ 1,279,585 average per day But if you consider the” premium price “of 40%, it would be higher.”
Venezuela and the recession!
In the midst of an intense economic recession in Venezuela, Bolivar has become essentially worthless.
The country receives help from outside, mainly from the United States, but Venezuelan soldiers do not let them deliver food and commodities, as announced by the NCC.
This may have contributed to the fact that in recent weeks, Venezuelans have resorted to cryptocurrency, trying to use it to buy food and necessities.
Venezuelans’ enthusiasm for Bitcoin comes just days after the government announced a decree requiring the registration of crypto trading and cryptocurrency miners in the country, people will get a fine if they don’t do it.
Venezuelans prefer Bitcoin to Petro!
Although there is no indication that Petro, Venezuela’s national currency, is being used, Venezuelans are turning more and more to Bitcoin.
This may be a way they have found to protect their money and keep them out of hyperinflation, even with the intention of adding enough value to leave the country, as has been done by the Venezuelan Amílcar Ortega Rangel.
This is because Petro looks more like a centralized cryptocurrency and is in the hands of dictator Nicolás Maduro who recently gave a “canetada” and raised its price by 150%.
This is not the case with Bitcoin, the largest crypto on the market, whose volatility is linked to supply and demand.
Maduro’s opponent is pro-Bitcoin!
Another factor that may have also influenced Bitcoin’s record volume in the country is the rise of Juan Guaidó, opposition leader against the Maduro government and self-proclaimed President of Venezuela.
Guaidó has already said that Petro was just another way for Maduro to deceive his people.
On Twitter, he has already published on Bitcoin, which suggests a good understanding of crypto from the one who should become the next President of Venezuela!
In Argentina too, Bitcoin is becoming more and more important especially since the public can pay for public transport with Bitcoin in many cities in the country.
Read our article about Argentina and Bitcoin: Click Here!
