As its economy descends deeper into chaos, Venezuela has once again broken its own BTC trading volume in the first week of August and will probably need a bigger chart for the months ahead.
Also read: Bitcoin a Reliable Alternative in Latin America
Venezuela’s Walled Garden of Economic Hell
Venezuela has again set a new bitcoin transaction volume record, which has seen exponential growth since the start of 2016.
Bitcoin trading volume in the first week of August has reached 141,744,733 bolivars (about $141,000 USD), outpacing the previous week’s record of 117,116,539 bolivars (about $117,000).
Bitcoin’s rise in Venezuela contrasts with the nation’s economic woes and overall misery since the death of former president Hugo Chavez. The country has the highest inflation rate in the world for three years running, which is currently estimated to be somewhere between 186% to as high as 720%, according to the IMF.
In fact, a survey conducted by Bloomberg, measuring inflation figures and unemployment in each country, reveals that Venezuela holds the top spot for the most