Venezuela Hits New Bitcoin Trading Record

By Jamie Green – Crypto Dealer

Venezuela’s crippling inflation has allowed the country to smash a new record in Bitcoin trading. According to data published by monitoring resource Coin Dance on September 2, Venezuelans traded more in value last week, than any other week in history.

Over 116 billion Sovereign Bolivars (VES) changed hands on LocalBitcoins alone in the seven days leading up to August 31. This is a monumental achievement as the previous record was set at 77 billion just the week prior. This shows strong increasing demand to buy and sell Bitcoin in Venezuela. You can find our previous article where Bitcoin trading volumes in Venezuela had just achieved new records.

The uptick for Bitcoin, however, wasn’t that significant as it raised from only 465 BTC to 533 BTC. Though more Fiat is being traded in Venezuela for BTC, the number of coins traded has decreased steadily since March. This correlates to the change in BTC price as the value of each coin has changed.

These weekly highs for buying and selling Bitcoin in WES, recently underscores the Venezuelan currency’s weakness as it devalues against every other currency, according to Cointelegraph.

In fact, the inflation rate dropped in July when the government brought in financial controls. In August, Reuters reported that although percentage figures in the 10 millions, the annual rate of inflation in July was more like 265,000%.

In spite of that, the government continues to issue its controversial national currency, including the Petro, the state-issued digital currency. A remittance system for the Petro was unveiled last week, but its potential uses and perspectives are uncertain at this point due to the number of sanctions against the token.

President Nicolas Maduro has encouraged citizens in the past to buy and sell cryptocurrency on the state issued blockchain to try and evade the crippling inflation and sanctions to improve their economy. It would seem more have faith in buying and selling Bitcoin through LocalBitcoins in Venezuela. 

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