Venezuela Sets New Bitcoin Volume Record Thanks to 10,000,000% Inflation
More bolivar traffic appeared on P2P exchange Localbitcoins than any time in history last week.
Yet another Bitcoin volumes record for Venezuela
During that period, users on LocalBitcoins alone generated volumes of over 57 billion bolivars, beating the previous all-time high of 49 billion, which appeared in the previous week.
Weekly LocalBitcoins Volume (Venezuelan Bolivar) Courtesy of Coin.dance
As Cointelegraph reported, Venezuela’s currency continues to suffer from runaway inflation, which estimates claim has reached 10,000,000%, leading citizens to resort to alternative means of storing value.
But there’s a catch
Yet as the bolivar count on Localbitcoins keeps growing, in Bitcoin terms, the number is falling. The 57 billion figure for last week equated to just 574 BTC — considerably less than in some previous weeks earlier this year.
Underscoring the weakening bolivar, Venezuela’s cryptocurrency trading is not supported by the government, which also imposed embargoes on foreign currency.
Earlier this year, the Lightning Torch transaction relay raised 0.4 BTC ($4,000) in funds among Bitcoin users for Venezuelans unable to escape the country.