Bitcoin trading volume in Venezuela has seen a record high owing to the recent economic instability in the country. But well as the saying goes, “one man’s misfortune is another man’s opportunity”.
That saying goes fits perfectly for Venezuelan Bolivars depreciating in value while they get shipped off to foreign destinations in the form of Bitcoins (BTC). BTC has caught itself quite a catch in the for of Bolivars to fatten itself up while the Venezuelan currency is not in good shape whatsoever.
Trading in more bolivars than the Bitcoins they could have possibly bargained for, Venezuela is going through a major debt crisis.
Coin Dance has provided statistical data to shed light on the matter. Paxful and Bisq confirmed that Venezuela had dumped in quite a lot of Bolivars into Bitcoin’s lot fro fourteen (14) to twenty (20) July.
Users on LocalBitcoins, a BTC exchange, have alone been held responsible for a contribution of fifty-seven billion (BS 57B) Bolivars which left the previous forty-nine billion Bolivar (BS 49B), bite the dust which was made the previous week. Funny how fast things work these days.
Cryptopolitan.com reports have warned of the worsening condition of Venezuela’s economy and that it has led the locals resorting to other means for storing their account digits for the country’s economy could collapse given that, the inflation rate has grown beyond ten million percent (10,000,000%) mark. The currency is barely holding on with new fiat assets being minted almost half-yearly.
The heavily depreciated Bolivars, though physically in large number have not impacted Bitcoin as much. Because the fifty-seven billion (BS 57B) equated to five hundred and seventy-four (574) BTC. BTC has seen more action in terms of BTC in previous weeks, though the fiat count was more this time.
With Bolivar not being able to eke out on it’s own, foreign currency has been banned to be traded in along with cryptocurrency. Earlier this year, the Lightning Torch transaction relay raised 0.4 BTC ($4,000) in funds among Bitcoin users for Venezuelans unable to escape the country.