Venezuela's battle with hyperinflation sets new BTC trading record
The International Monetary Fund has forecasted a 10,000,000% inflation for Venezuela this year. Venezuelans have lived with those massive inflationary percentages since eighteen years ago and seem to have found a way to avoid their currency depreciation. To protect their capital, many citizens prefer to keep their funds in BTC and hedge the cost of having “Bolivares”.
According to the data provider Coin Dance, the BTC trading volume has set a new record high as hyperinflation seems to be unstoppable. In May 2019, BTC transfers were valued over 40,000 Million Bolivares (Venezuelan’s national currency). This week, the volume scaled quickly, reaching over 50,000 million Bs.
Since 2009, the Venezuelan economic scope has worsened significantly, with many employees earning less than $10 per month. In addition, oil, food and medicine shortages are also at the epicentre of problems. The country with the largest oil reserves in the world is becoming increasingly poorer and their citizens have had to move their capital to an accessible and flexible financial asset.
Venezuelans have been adopting cryptocurrencies massively since three years ago. It is now a common sight, to see the value of the BTC inside bank’s website or buy goods using cryptocurrencies. Since the introduction of the governmental cryptocurrency PETRO, even more, Venezuelans have joined the crypto market, as their own government is leading by example regarding crypto-adoption.
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