Bitcoin volumes have skyrocketed on LocalBitcoins Venezuela, making it the world’s fastest-growing for crypto
Bitcoin transaction volumes have skyrocketed on LocalBitcoins Venezuela after a staggering 2,492% increase over the past twelve months. This increase makes Venezuela the fastest growing market in the world and the most expensive for LocalBitcoins.
Bitcoin volumes have skyrocketed on LocalBitcoins Venezuela
According to CoinDance statistics, the weekly volume soared from 13.7 billion Venezuelan bolívars ($ 55,533) in mid-January 2019, to 363 billion bolívars ($ 1.46 million) at the end of last week. This week was one of the biggest successful weeks for LocalBitcoins Venezuela, seeing a 38% increase from the previous week.
Weekly LocalBitcoin volume in Venezuela | Source: CoinDance
Of course, it is highly likely that Venezuela is witnessing the highest premiums for Bitcoin in the world. BTC is currently listed on LocalBitcoins Venezuela no less than $ 9,401 (around $ 1,300 in place), and the only seller is offering the entire Bitcoin listed the asking price of a price that surpassed $ 11,687 per BTC (the level of $ 3,580 premium).
Source: LocalBitcoins Venezuela
The apparent growth of LocalBitcoins in Venezuela can be considered another confirmation of Bitcoin’s reputation. For example, it is a high-value, unmanaged asset.
Bitcoin transaction volume on LocalBitcoins has become a measure to quantify the transactions quite accurately. And in fact, Bitcoin sees exceptionally high acceptance rates in countries with low economic freedom like Venezuela.
If you don’t believe it, AZCoin News will take one more example. In 2019, the premiums for Bitcoin once rose to $ 2,250 on one of Argentina’s leading exchanges after the government imposed capital controls. And this story happened not too long before the trading volume at LocalBitcoins Argentina reached an all-time high.
LocalBitcoins volumes hit all-time-high in Argentina after Trump announcement | Source: CoinDance
Venezuelans are looking to Bitcoin more
Venezuela is the most Bitcoinized country in the world in terms of the number of BTC owned per person. As well as the amount of income spent on BTC compared to income. And the reason is that for decades Venezuela has struggled with one of the worst national crises in history. Economists even describe it as the most significant economic collapse after the war in 45 years.
Last year, Venezuela won the title of Bloomberg’s most miserable economy on Bloomberg’s annual misery index. This is a ranking of the world’s worst economies based on inflation and employment.
Faced with an inflation rate of more than 8,000,000%, unceasing capital controls, and a continuous decline in oil production, which accounts for about 99% of Venezuela’s export earnings, Venezuelans may have many reasons to allocate capital to Bitcoin.
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