According to Bloomberg bitcoin transactions via LocalBitcoins reached a record daily volume of $1 million on April 17.
Check out the chart below and read on to find out why.
The Venezuelan government is a mess. Many are not happy with President Maduro and his socialist regime. Some say it’s closer to a dictatorship.
That stems from events this past May when the Venezuelan Supreme Court took over the National Assembly, Venezuela’s version of Congress.
The Venezuelan Supreme Court is pro-Maduro while the National Assembly was anti-Maduro.
That’s led to lots of protests and demonstrations.
At the same time the Venezuelan currency, the bolivar, is in free fall. The stated rated at the beginning of the year was 9.9875 bolivars per dollar. Now it’s up to 50,000 bolivars per dollar. The black market rate is over 650,000 bolivars per dollar. That means a $5 sandwich that use to cost 50 bolivars now costs over 3.2 million bolivars.
The result is unrest, food shortages, increased crime, a lack of basic necessities, etc. So it’s no surprise people are unhappy.
That’s why Venezuelan’s are turning to bitcoin. Unlike the bolivar it is holding its value.
Many are bitcoin mining as electricity is nearly free in the socialist country.
There’s many stories of folks getting food and medicine using bitcoin and generally just surviving with it.
Of course Maduro and the government are trying to crack down on bitcoin mining. And he’s pushing his new Petro cryptocurrency as well.
Despite the efforts bitcoin remains the popular choice. Check out the chart below.
How this turns out no one knows for sure. But one thing is for sure, Venezuelans will continue to turn to bitcoin to escape its government.
and trade cryptos on Binance
nice one Venez
Thanks!
Fabulous update....Its really unbelievable news "Venezuelan’s Are Buying Record Amounts of Bitcoin" @g-dubs
It's crazy... I wonder if it will spread elsewhere
This is a great news sir thanks a lot for sharing sir,have a great day.
Venezuela is dictating about crypto to all the nations now,this is a great move.
I personally have most of my savings in BTC, that's why I'm in hodl, the Venezuelan inflationary money is worthless. I believe that most of the money from these transactions is due to remittances sent from abroad, and BTC is used to avoid that the money has to pass through any government institution or exchange control. And I think that is something that many people in Europe and the USA usually ignore about the BTC, it gives you freedom, nobody can take it away, everyone knows this, but usually they don't pay attention,
We Venezuelans are always first in all lol
Correct friend very interesting post so I am from here in Venezuela and this is a disaster too much instability at every minute change the prices I am one of those who grab this way of the cryptos because I find more stability in them and more opportunity to survive by example with what your post pays you in generated profits I could make a good market here to eat well is a luxury to eat well here friend greetings success
This is mass adoption i want to go to this country as well.
wow this is amazing update sir thanks a lot for sharing.
excellent post ..loving to your blog.thanks for sharing..
Although this is sad for Venezuela, it's good for BTC because it pushes demand up. Each time county's government is in trouble, bitcoin goes up in value goes up. Same as gold or other precious metals that are considered safe heavens when people have less currency alternatives.
Venezuela won't be the last country to get into financial trouble!
You got that right..
The energy is free, but it is also bad, only in this week in my house there were electric cut 6 times in 3 days. I would prefer to pay for a better service every time, but the State has a monopoly on electricity. The same goes for the Internet, and it is the slowest in the world, slower than the Internet in Libya or Syria.
And if the government finds out that you are mining BTC, it can take away your equipment and even put you in jail.
I personally have most of my savings in BTC, that's why I'm in hodl, the Venezuelan inflationary money is worthless. I believe that most of the money from these transactions is due to remittances sent from abroad, and BTC is used to avoid that the money has to pass through any government institution or exchange control. And I think that is something that many people in Europe and the USA usually ignore about the BTC, it gives you freedom, nobody can take it away, everyone knows this, but usually they don't pay attention, in Venezuela this function is vital, and that's why people throw themselves into the cryptomarket.
By the way, if you have not noticed until now, I'm Venezuelan.
Bitcoin accumulation is a global game...
good news for them! I hope they make good money. Looks like the bolivar is turning into 0 soon
Hey, just wanted to let you know I gave you an upvote because I appreciate your content! =D See you around
good news for them! I hope they make good money. Looks like the bolivar is turning into 0 soon
So this is one of the reasons behind rising price of BTC!
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Thanks to your share @g-dubs