Bitcoin Buying Is On The Rise Again In Venezuela

Authored by Ana Berman via CoinTelegraph.com,

Venezuelans’ interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange.

Venezuela experienced its first cryptocurrency boom in early 2017, when a record volume of 805 bitcoins exchanged in a week was set.

Venezuelan bolivar to Bitcoin exchange volume. Source: LocalBitcoins

Following that, the level of interest towards crypto in Venezuela dropped, coinciding with a decline in trading volume to as low as 150 bitcoins bought per week.

However, according to Criptonoticias, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela, as evidenced by LocalBitcoins data. The volume of Venezuelan bolivar to Bitcoin exchange increased by 138% from March to April, and by 39% more from April to May.

The first week of June was in line with this tren, Criptonoticias points out. Over the last week of May some 4.9 trillion bolivars were spent on bitcoins, while the first week of June had seen the volume grow by 40.8% to 6.9 trillion.

Criptonoticias links the growing interest towards Bitcoin to hyperinflation in Venezuela. As bolivar keeps falling, in late May hyperinflation in the country surpassed 25,000%, according to Forbes.

As per Similarweb, Venezuelans comprise the largest share of Localbitcoins’ audience, followed by visitors from the US and the UK.

Comments

Coinista gzcekkyret Fri, 06/08/2018 - 11:26 Permalink

A little late to the game but good that they finally saw the light. This just shows that even diehard Spanish speaking jealous loser anti-science no-coiners in the paradise of Venezuela (Dear Leader Obama, The Bern Feel, and Hillary's model society) can change and repent from their jealous loser ways.  Must have been the language barrier, se?

BUY BITCOIN!!! Losers.

In reply to by gzcekkyret

marysimmons Ecclesia Militans Fri, 06/08/2018 - 09:02 Permalink

They're using BTC as a store of value and to preserve purchasing power as their local fiat becomes worthless.  Can use a bitcoin ATM to convert bolivars to BTC and hold on a BTC wallet on their phone.  Don't even need a bank account.  I'm sure the price of BTC in bolivars is going through the roof.  This is just one of the reasons that digital currencies will change the monetary system forever

In reply to by Ecclesia Militans

Exponere Mendaces tmosley Fri, 06/08/2018 - 14:22 Permalink

Oh look, its Crypto Jim Cramer, tmosley with another Lyin' Ver and the Cashies talking point.

Dude, your reccos are shit, and BCash continues to be an anemic monkey masturbating in the corner when it comes to transaction volume.

http://fork.lol/tx/txs

See those wigging lines? See how the orange Bitcoin line is always doing MUCH MORE than your bullshit altfork?

I'd mention something about fees too - but I don't want to totally implode your noodle-brain.

Give it up, you lost.

In reply to by tmosley

lester1 tmosley Fri, 06/08/2018 - 09:03 Permalink

Why are you liberals always angry when I educate you on Bitcoin?🤔

 

Yes, its a ponzi scheme. It has zero intristic value and the price collapses without new bag hodlers.

 

And the bitcoin price is way too unstable to ever be used by businesses or as a form of payment. Think about it. If you were selling a car and accepted bitcoin, if the price declines -5% the next day, you just got ripped off!

 

 

 

 

In reply to by tmosley

R2U2 lester1 Fri, 06/08/2018 - 09:11 Permalink

Can't believe I still hear 'intrinsic value' nonsense. Nothing has intrinsic value you ding dong. You're just saying "It has value to me." My God, look at the money you've left on the table because you're too dumb to understand this basic point. Meanwhile you eat shit in the PM markets which are 100% controlled by the bankers.

In reply to by lester1

lookslikecraptome tmosley Fri, 06/08/2018 - 10:58 Permalink

Semantic discussions about ponzis only get one so far. Call it a multilevel marketing scheme then. LIKE AMWAY. K.

So,e people still have soap in their garages while others, those at the top, travel the world.

a small percent of major owners at the top, and a larger percentage of lesser owners in the middle and then a huge level of losers at the bottom make it a pyramid. 

Cant wait for people to say, so is fiat, so are stocks yada yada yada. 

 

Edit

Some comments are so intelligent they are worthy of reiteration. no sarc

 

Richard Chesler Fri, 06/08/2018 - 05:53 Permalink

1 bitcoin =  15.5 billion Bolivars

Monthly minimum wage = 2.5 million Bolivars

1 bitcoin = 6 thousand months of work.

 

Let that sink in for a minute...

 

 

In reply to by tmosley

GooseShtepping Moron HRClinton Fri, 06/08/2018 - 10:30 Permalink

You got rich off speculation. That may be great for you, but you haven't provided any goods or services in the process. You have added no value to the world in return for your gains. This is no different than winning the lottery. It does not make you a genius and it does not mean that lottery tickets have any intrinsic value. Their only value consists in the willingness of the pool of players to pony up the money for tickets, which is then redistributed to the winners. While this may not technically be a Ponzi scheme, it is very analogous to one. The point is that neither in Ponzi schemes nor lotteries nor Bitcoin speculation is any actual wealth created. Wealth is only redistributed to people who either got lucky or figured out how to game the system.

In reply to by HRClinton

Golden Phoenix GooseShtepping Moron Fri, 06/08/2018 - 12:42 Permalink

How do you know he didn't check the box in his Bitcoin client to run a full node?

Providing a system for holding and transferring money is a valuable service unless the entire banking system, VISA, Western Union, Paypal, and the like are completely worthless.

The difference is instead of wealth accruing to bankers in USD the value of Bitcoin's system is reflected in the value of BTC itself.

 

In reply to by GooseShtepping Moron

Decoherence Dr.Strangelove Fri, 06/08/2018 - 08:57 Permalink

It’s interesting in an environment when currencies around the globe are falling apart, crypto is too.  Can we stop the intellectual dishonesty and just admit this garbage isn’t doing what it’s supposed to?  You’d be wealthier if you stayed in the Turkish Lira or Argentine Peso vs crypto over the past several months.  How many people are going hang themselves when they realize they set themselves back significantly in life trying to follow in the footsteps of the early buyers of crypto?  People should just know when CNBC starts pumping something full time, it’s not for the benefit of the ones buying it.  Crypto is like all other religion.  If you’re a true believer, more intelligent sociopaths will gladly take your money.  

In reply to by Dr.Strangelove

Son of Captain Nemo Fri, 06/08/2018 - 08:43 Permalink

These people are finding their meals in garbage cans and hunting feral dogs, let alone finding newspaper to wipe their own asses...

Yet whatever money they have is in a digitally encrypted wallet that the United States government can seize by hitting the "off" switch whenever they want to?!!!!...

My advice to the Venezuelan people with means?....

Better find an alternative medium of exchange gig... Or be prepared to take the present government out with it's "loaned mining servers" and START OVER!!!