BTC’s trade volumes in Venezuela reached its highest levels among massive hyperinflation because of the presidential crisis.
In the week ending, the stock market reached more than 2,000 in volume (about US $ 6,8 million). In the first five weeks of 2019, Venezuela reported 8,571 crypto deals.
The volume trade of Bitcoin in Venezuela has increased by over four times since the summer of last year, and inflation of the local currency, the Venezuelan bolivar, has reached one million percent.
A large part of the trade takes place on centralized exchanges located in neighboring countries such as Colombia and Brazil.
The total value of BTC’s trade in Venezuela is difficult to assess as transactions are often made in the local currencies in the neighboring countries.
As the International Monetary Fund (IMF) predicts earlier in 2018, inflation in Venezuela could potentially reach ten million percent this year.
The economic situation in the country worsened after the US sanctions adopted in 2017, which were aimed at the regime of Nicholas Maduro.
It’s about oil
Last month, the US announced additional sanctions against the state oil company PDVSA.
The tensions in the country were boosted by the ongoing presidential crisis of last month, when the majority of the opposition National Assembly announced the reelection of Maduro in May 2018 as invalid.
Currently, Juan Guido is the country’s self-proclaimed president and enjoys the support of many local and international leaders.