he volume and trading patterns of Bitcoin in Venezuela are at an all-time high. LocalBitcoins, which is a digital asset platform, has reported that per week the volume of Bitcoin to Venezuelan Bolivar (VES) has been gone up to 2,454 BTC. Convert this to U.S. dollars and that is close to $9 million every week and $1.29 every day. Some analysts are even saying that at this rate, the volume can spike up to $14 million which is $5,800 per BTC.
Recently, Venezuela has been dealing with a recession and many government officials were uncertain of the plight of their economy. Things got worse when the U.S. stopped their humanitarian aid. Venezuelans were struggling to even have a proper meal, with household items such as flour costing 80,000 bolivars. Bitcoin has created a hope for Venezuelans, and it allows people to utilize cryptocurrencies to purchase everyday needs. However, it is unlikely that the global market’s top digital asset, will ever be Venezuela’s main form of currency. Here is another instance, where Bitcoin is saving lives!