27 BTC were traded last week in Venezuela (measured only using LocalBitcoins) while inflation and wages are really bad
Hi friends, as you know I'm Venezuelan "living" here, crypto enthusiast.
We see a drop this week, to 27 BTC, still around 120 USD monthly.
Remember this is only measured using LocalBitcoins. There are other exchanges where the volume is higher for sure, like Binance (king here) where you can use P2P to use Bolivares to get crypto. Reserve is another one, same with AirTM.
Monthly minimum wage now under 16 USD. Average around 100 USD, a manager can make maybe 400 USD.
One BTC is around 190,000 Bs. -Bolivares- (remember in the last 15 years, 14 zeroes have been removed from the currency, without doing that BTC price would have been 17,000,000,000,000,000,000 "pre2007" Bs.). Last week it was 170,000 Bs.
Moons helped me a lot before CCIP 030.
Crypto has been used for years here (a lof of them, BTC, ETH, LTC, Nano even stablecoins) so people would exchange their Bolivares as soon as possible! Years ago having any coin besides Bolivares was almost a felony, so people went to internet and found "internet" money haha.
Some people use them to send remittances to their families here and also people mining (house electricity is free, here mining with GPU is still profitable).
https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/
https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
https://coin.dance/volume/localbitcoins/VED/BTC
https://coin.dance/volume/localbitcoins/VED
https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/
https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/
https://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
submitted by /u/WorkingLime
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