Venezuela's Bitcoin weekly trading volume exceeds 2,000 bitcoins and hits record highs.
- The number of Bitcoin transacted in the exchange exceeded 2,000 during last week for Venezuela. This is an all-time high for BTC moved in a week in Venezuela.
- Venezuela is in the middle of hyperinflation right now, which has been estimated to be around 380,000%.
In the middle of the growing political and financial crisis in Venezuela, the citizens have found solace in Bitcoin. This past week, more than 2,000 bitcoins, roughly $7 million, were transacted in LocalBitcoins, an exchange, which happens to be an all-time high for BTC moved in a week in Venezuela. In fact, according to Coindance, 9,881 BTC has been transacted by Venezuela since the beginning of this year, which roughly translates to $33,704,091.
This number is only going to get higher as the economic crisis in Venezuela goes from bad to worse. By 2018, the hyperinflation was at 80,000%, however, Bloomberg estimates that it may have risen to a staggering 380,000% in 2019. What was once the wealthiest country in South America is under increasing sanctions and authorities have been reported to seize assets like gold and cash with impunity.
This is the reason why more and more Venezuelans are turning to Bitcoin. Since it is impossible to seize Bitcoin, people from all over the world have also directly donated cryptocurrency to Venezuelans and Venezuelan grassroots charities.
#Bitcoin and crypto are on the ground in Venezuela.
The country is falling apart - and the fiat kings $USD and £ are swooping in.
The people have an historic opportunity to boycott fiat entirely and convert to Bitcoin to birth freedom!
- Max Keiser (Co-Founder Heisenberg Capital)
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
