- 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)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.