The Volume Of Bitcoin (BTC) in Venezuela Continues To Increase!
The Volume Of Bitcoin (BTC) in Venezuela Continues To Increase! Leading cryptocurrency Bitcoin (BTC) is preparing to gradually put the price drop it has experienced in recent days behind it. The commercial volume of BTC, which had risen to over $ 8,500 as of the time of writing this article, also gained a significant increase.
Looking at the local BTC commercial volume in Venezuela, it appears that many Venezuelan citizens took BTC to escape the devaluation. Venezuela, once one of Latin America’s wealthiest countries, unfortunately, was unable to use its massive oil reserves as it wished.
Venezuela Continues Rise In Bitcoin Volume
With its economy deteriorating, the value of the nominal currency has also fallen to levels not seen in other countries. Although Nicolas Maduro has launched stablecoin, indexed to oil reserves, to solve this problem, people have started to opt for cryptocurrencies like Bitcoin or Dash instead.
Looking at the tweet posted by Larry Cermak and which economically distressed countries Bitcoin has reached the highest volume, it is possible to see that Venezuela is still the leader.
Venezuela has a much higher volume of BTC compared to Argentina, which is in the grip of hyperinflation. In addition, Hong Kong, which has been rocked by protests, is drawing attention to the growing volume of Bitcoin trade.
Bitcoin volumes in Venezuela continue to outperform other troubled countries.
2019 LocalBitcoins volume:
Venezuela 🇻🇪 – $305.93M
Colombia 🇨🇴 – $134.22M
Peru 🇵🇪 – $45.54M
Hong Kong 🇭🇰 – $21.73M
Chile 🇨🇱 – $13.84M
Argentina 🇦🇷 – $11.94M
Iran 🇮🇷 – $5.81M
Egypt 🇪🇬 – $1.40M pic.twitter.com/0EymoY1y54
— Larry Cermak (@lawmaster) January 26, 2020