No menu items!
More

    Bitcoin Trading in Venezuela Hits Another All Time High

    Must Read

    Over 10% of MoneyGram’s US-Mexico Business Is Crypto able

    An estimate by the World Bank pegged 2016’s global remittance market at $573 billion, and a whopping $422 billion...

    Hopefully We Can Operate With China’s Crypto Says Ethereum Co-Founder.

    Ethereum co-founder and founder of Consensys, Joseph Lubin, said that he hopes China’s Central Bank Digital Currency (CBDC)...

    Chinese Police Hold MicroBT CEO Responsible For Dispute Against Bitmain

    The founder of Bitcoin mining rig manufacturer MicroBT is being held as of Nov. 8 by Shenzhen...
    - Advertisement -

    Statistical analysis has shown that the exchange of Venezuelan bolívars to bitcoin hit an all-time high in early August 2019.

    Throughout the first few months of 2019, the Venezuelan bolívar has undergone a period of severe hyperinflation, with the International Monetary Fund (IMF) predicting that the inflation rate would go up between 1 and 10,000,000 percent over the course of the fiscal year. 

    As a result of this economic instability, cryptocurrency has become a relatively stable store of value, compared to the tumultuous conditions of the economy. In addition to private citizens becoming users of bitcoin and other crypto assets, the Venezuelan government itself has both launched its own state-backed coin and has tested pilot programs for massive bitcoin transfers

    These economic conditions seem to be contributing to a massive upswing in the adoption and use of bitcoin within the nation. Data charts shows that the exchange of bolívars to bitcoin on LocalBitcoins.com has increased dramatically, with the current exchange rate posting at more than five times what it was at the beginning of the year. The number of bolívars exchanged for bitcoin has risen by nearly 20 billion in the last month alone. 

    Further analysis shows that Venezuela is not the only country to reach its all-time high in trade volume within the last few weeks. Several other nations, such as Colombia and Argentina, have seen the volume of trades from local currency to bitcoin spike in the same time period as Venezuela. 

    Of particular interest to this trend is the fact that all three of these nations are experiencing a period of inflation at the same time. The Colombian Central Bank announced that inflation was likely to exceed target goals in late July. And Argentina has seen a direct correlation between public confidence in the peso and the use of bitcoin.

    - Advertisement -
    - Advertisement -

    Latest News

    11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

    Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
    - Advertisement -

    ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

    ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

    SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

    SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

    Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

    Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

    Bitpanda digitizes physical gold and silver

    Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...