Venezuela Experiences A Surge In Bitcoin Volume

During last month, Venezuela experienced a high volume of Bitcoin transactions, following the relaunch of the country’s oldest and first Bitcoin exchange, Surbitcoin. Venezuelans now have two more local bitcoin exchanges to choose from: Yabit, and Cryptobuyer.

Bitcoin transactional volume keeps growing in the Latin American country, according to several data sources (including coin.dance and our own research) the amount of bitcoin transacted in the several markets available to Venezuelans have experienced a spike.

Venezuela is a country with triple-digit inflation, capital controls, devaluation, and goods shortages. This critical scenario has been the driving factor for bitcoin adoption in Venezuela for the past 3 years. Localbitcoin’s weekly volume reveals this exponential growth. Approximately $150,000 has been transacted through the platform by Venezuelan customers.

LocalBitcoin's Weekly Volume

LocalBitcoin’s Weekly Volume

The biggest Bitcoin exchange in Venezuela, Surbitcoin, is also another major factor for the increase in liquidity. The 24-hour volume is constantly reaching the 30 BTC mark.

Surbitcoin Volume

Surbitcoin Volume (highlighted in red)

Additionally, Venezuelans now rejoiced by the fact that two new Bitcoin exchanges popped up. We are talking about Yabit and Cryptobuyer. The Merkle reached out to representatives from Yabit who told us the following:

Right now out daily bitcoin volume is between 8 and 12 BTC, we are feeling confident as our user-base is growing, Yabit is reaching the 1,000 registered user mark. Our first goal as a bitcoin exchange is to bring the best attention, support and service to our Venezuelan customers.

Yabit is a legally constituted Venezuelan company operating under the name of NPIF Inversiones, C.A. We do not establish the bitcoin price, as it is a result of the free market (demand and supply law).

If we put together the amounts detailed before, we can infer that the combined daily bitcoin volume (excluding OTC and P2P trades which are a big part of the hidden volume) is hitting the 72 BTC mark. All in all, this represents positive news for Venezuelans, who seek an escape route for the decadent economic situation.

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