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BTC hits record high trading volumes in Venezuela

BTC hits record high trading volumes in Venezuela
Oct 2, 2018 by Rico Wise

As per the statistics from Coin Dance, the citizens of Venezuela have dealt approximately 300 million bolivars’ worth of BTC previous week, and this week can see the record broken once more, as over 292 million bolivars worth of Bitcoin have been traded already. This indicates that the BTC/VES trend, which started earlier this year, is still ongoing.

As the economic situation worsens in the country, most of the citizens try to leave Venezuela either on foot or by bus, realizing they cannot tolerate the life in the socialist state any longer. According to the statistics from the International Organization for Migration, nearly 1.6 million Venezuelans have abandoned the country since 2015, and the figure is still not final. The majority of the citizens moved to other countries on the continent, including Peru, Argentina, Brazil, and Colombia.

Apart from the rising BTC demand as a hedge versus the extreme inflationary economic environment in Venezuela, there is yet another reason for the record trading volumes, which the BTC/VES has been witnessing lately. That reason is the devaluation of the currency, which initiated several weeks ago. Despite the fact that five zeros were taken away from the national currency subsequent to inflation levels going berserk, the issue was not solved, as inflation rate quickly hit 100%.

Apart from the devaluation of the currency by 95 percent and renaming it, Nicolas Madure, the president of Venezuela, has also made an announcement about the possible pegging of the bolivar to the Petro digital currency.

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