Due to an economy struck by hyperinflation, Venezuela has seen its Bitcoin [BTC] and cryptocurrency industry grow considerably. For a country crippled by political and economic turmoil, Venezuela exhibited a mammoth surge in its trading volume for Bitcoin over the past year via LocalBitcoin, a cryptocurrency trading platform.
According to the statistics charted by Bitcoin stats and service provider Coin Dance, Venezuela recorded a trade volume of 6,347 BTC in the month of January on LocalBitcoin. This was followed by a massive trading volume of 10,315 BTC in February, suggesting that a whopping 16,662 BTC was traded across the OTC platform.
Finland based-Bitcoin trading forum LocalBitcoins also exhibited a steady increase in the trading volume of the world’s largest crypto asset throughout the year from a low of 871 BTC in January 2018 to exceeding 10,000 BTC a year later.
Bitcoin trading volume in the country peaked in early February this year and reached an all-time high, while the inflation rate of Bolivar, the country’s native currency, hit a massive one million percent.
Additionally, according to statistics by leading analytic service provider SimilarWeb, Venezuelans comprised over 16% of the visitors on LocalBitcoin’s platform between November 2018 and January 2019.
Over 200 businesses, including restaurants, hotels and clothing stores in the country, accept payments with digital assets like BTC, LTC, ETH, and Dash. This data was reported by an app, ‘CriptoLugares VE,’ that allows Venezuelans to find places where cryptocurrencies are accepted for settling payments.
Recently, the country’s Ramesas platform also created an all-new remittance service via Bitcoin [BTC] and Litecoin [LTC], opening avenues for the Venezuelan masses as well as institutional players to embrace crypto at a time when the native currency values nothing. According to well-known Bitcoin proponent Anthony Pompliano, Venezuela might actually be the first country to switch from fiat to crypto.
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