Venezuela update, weekly traded amount keeps going down. Only 80 BTC were traded last week only using LocalBitcoin (Down from 83), that is 7,162,000,000,000 Bs. (Bolivares, local currency). One BTC is around 92,000,000,000 Bs.
Hi guys, as you know Venezuelan living here, crypto enthusiast like to post these weekly updates.
The traded amount in USD is constant weekly, around 4-5 million USD. Just as reference in February 2019 almost 2,500 BTC were traded in one week. I don't think the drop is to worry.
This is measure ONLY using LocalBitcoin (Trades there are mostly Bolivares to BTC and BTC to Bolivares). Months ago Binance started P2P trades with Venezuelan bolivares, I think some people migrated there (it lets you trade other cryptos). Also AirTM is used as exchange too.
Who trades BTC to Bolivares? People that needs to pay in some places where crypto is not accepted. Where do these BTC come from? Could be miners, could be people abroad that send money to their families in Venezuela, could be the goverment itself (sadly), people with crypto savings, etc.
Who trades Bolivares to BTC? People that gets insane amounts of Bolivares (like store owners), people that get paid in Bolivares, and want to convert them in something better and stable than Bolivares digitally and easy.
Two days ago goverment announced the newest bank note (bill) biggest bill in Venezuelan history 1,000,000 Bolivares that is 0.52 USD (as for now)
A big chunk of the population that works for the goverment have a monthly wage of around 1-10 monthly minium wages, monthly minimum wage is around 1.2 USD. So that would put that people from 1.2 to 12 USD monthly. Sadly this people cannot even think in crypto, they are thinking in something different that is survive.
According to a NGO (CENDAS) a 5 members family need around 350 USD monthly to "live", yes if you are from USA, Canada, Australia, Germany that amount is ridiculous low, but that is a standar in Latin America, problem more that what you need to spend are the WAGES, they are crazy low. A really good wage here is around 400 USD monthly (in my opion).
If you want to know something ask me anything. Here the economy is a mess, so many poor people and a lot of people surviving and of course people living "good"! I have gotten even work from some redditors since I started posting here, what a great community.
And MOONS (cryptocurrency subreddit), wow, have helped me a lot (Sadly I have to cash out usually).
One monthly minimum wage is around 18 MOONS.
Sources (PLEASE check them!!!):