According to data by Coin Dance, the bitcoin trade in Venezuela has touched nearly 300 million bolivars last week. This week’s number could easily strike marginally above, with bitcoin of almost 292 million bolivars worth have been traded so far. Earlier this year the trend on the BTC/VES pair started and it continues with a bang.
The state of economic conditions has pushed a large number of Venezuelans to abscond the country, whether on foot or by bus. According to the statistics from the International Organization for Migration, around 1.6 million have fled Venezuela since 2015; the number is on a constant rise. The absconders have inhabited other South American countries such as Colombia, Peru, Brazil, and Argentina.
Read more: Venezuela sets new bitcoin trading record by surpassing 500 million bolivars
On August 10, five zeros were stripped off from the country’s currency after inflation levels rose to stratospheric levels. Though the devaluation hasn’t worked as expected as a report states that despite the new currency just two months old, the inflation rate has reached an estimated 100%.
Alongside serving as a safeguard against the high inflationary conditions in the country, one of the key attributes for the record-breaking volumes in the BTC/VES pair is the devaluation of the currency a few weeks ago.
On one hand, the national currency has been devalued by 95% and renamed as the sovereign bolivar. On the other, earlier in the year, the Venezuelan president Nicolas Maduro introduced the Petro cryptocurrency. Though all the hopes pegged on the petrol pegged Petro cryptocurrency has received a major lash back as Petro was rejected by most.
Read more: Petro, The Venezuelan Cryptocurrency Has No Users, No Investors and No Oil to Back
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