Bitcoin Volume in Venezuela Surging Amid Hyperinflation

Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future.

The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to increase every week, even though the primary local exchange ran into some problems. Now that everything has been resolved, the interest in cryptocurrency is surging in Venezuela once again.

Venezuela Is High on Bitcoin Right Now

This same trend seems to continue throughout August so far, with over 141.7 million bolivar being exchanged for Bitcoin in the first week. The previous record-high, which was set the week before, added up to 117.116m bolivar. Comparing these values to their US Dollar equivalents, they represent US$141,000 and US$117,000 respectively.

Holding on to the Bolivar In Venezuela is asking for financial trouble these days. The local currency continues to devalue further, and there is no improvement on the horizon just yet. Moreover, residents can’t exchange their bolivars for other currencies, as Read more ... source: NewsBTC USA