Bitcoin Volume Sets a New Record in Venezuela because of 10,000,000% Inflation
Venezuela Traders sets a new record of Bitcoin trading volume in local national fiat currency bolivars.
Data provided by Coin.Dance, that keeps tracks of trading activities of P2P exchanges LocalBicoins, Paxful and Bisq, confirmed the highest volume over the last seven days period.
During the weekly period, users alone on LocalBitcoins generated a trading volume of 57 Billion Venezuelans bolivars beating the previous week high of 49 Billion Venezuelans bolivars.
Venezuela national fiat currency is continued to suffer from the inflation problem and reports estimate a 10,000,000% inflation that will force citizens to look at alternate ways of storing value.
Venezuela announced a national alternative, state-issued digital currency Petro backed by oil reserves was declared a failure by United State this month.
However, the trading volume in terms of Venezuelans bolivars hits all-time high but the count in Bitcoin terms is falling. The 57 Billion bolivars are equivalent to 574 BTC that is much less than the all-time volume of Bitcoin traded (2487 BTC) earlier this year.
As the national currency going down every day, the government still not legal cryptocurrency trading in Venezuela.
