10 million% Inflation Gives Venezuela a New Bitcoin Volume Record
By Luke Flowers – Cryptocurrency Enthusiast
Coin Dance data confirms the seven days leading up to July 20th were Venezuela's biggest Bitcoin volume on record on the trading platform, LocalBitcoins. This strongly suggests more are seeking to buy and sell Bitcoin as adoption grows.
President Donald Trump launched a new set of sanctions against the Venezuelan Bank. Due to these sanctions and other economic events, it has resulted in super-high inflation that has risen over 10,000,000%. As such, citizens have experiences hardship in mobilising their money.
Nevertheless, President Maduro has sought to utilise cryptocurrencies to salvage his country from this hardship, with the introduction of the Petro. The only problem is the Petro, a state-issued digital currency, was declared a failure by a United States non-profit organisation earlier this month.
During that time, LocalBitcoin users alone had generated over 57 billion bolivars, beating the last all-time high of 49 billion the week prior. As a result of this inflation, many are forced to seek other means of storing value and buying Bitcoin has become a popular option.
However, as the bolivar count on LocalBitcoin keeps going up, the rates are actually getting worse – this is because there is less supply. Last week's $57 billion figure just amounted to 574 BTC - which is significantly less than earlier this year.
The Venezuelan government does not support buying and selling Bitcoin or cryptocurrency trading other than the Petro. Maduro has even gone as far as forcing or blackmailing residents and businesses to use the Petro.
Head on over to our platform if you are seeking to buy Bitcoin UK from your Trusted Bitcoin broker. You can also find services to exchange Bitcoin to GBP to check us out!