Venezuela seeing crypto assets entering the economy
There has been reports that bitcoins volume in trading in Venezuela has made some big volumes over the past week. Covering more than 1,974 BTC trades on LocalBitcoins.
The country is seeing peer-to-peer purchase of bitcoin rising. According to the humanitarians in the crisis in Latin America most of the oil-rich countries are looking into the use of Bitcoin.
According to a report:
“Yes, 10 million percent because prices in Venezuela are doubling or tripling every month. And that, when you take it to 12 months, generate an exponential inflation rate.”
The economy in Venezuela has been contracted by approximately 50 percent over the last four years. The purchase rate of bitcoins in Venezuela has been on the rise. This latest increase in the crypto market has been fuelled by the fact that pensioners could now receive their funds in the national Petro cryptocurrency in Venezuela. The big move could have also came from the ongoing devaluation and deluge in the streets of some of the most poorest countries.
There was a slight drop in the amount of bitcoins that was purchased in by US citizens, while the UK saw a good increase of around 1 percent for the week. Venezuela is now the highest among the other Southern American countries like Colombia to have increased about 11 percent.
The countries fiat-currency bills are constantly depreciating at alarming speeds, while human rights are at its bare minimum. There are still people starving in the streets and the government is trying to move to a better financial system.
What are your opinions of these volume movements in crypto? Feel free to leave a comment below.
