Venezuelans’ interest on Bitcoin has increased significantly over the last 90 days, according to LocalBitcoins exchange.
The Caribbean country experienced its first cryptocurrency boom in early 2017, when a record volume of 805 bitcoins exchanged in a week was set. Right after that, the level of interest towards digital currencies in Venezuela dropped, coinciding with a decline in trading volume to as low as 150 bitcoins bought per week.
However, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela. The volume of Venezuelan bolivar to Bitcoin exchange increased by 138% from March to April, and by 39% more from April to May.
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.
The growing interest towards Bitcoin is clearly connected to hyperinflation in Venezuela. As bolivar keeps falling, in late May hyperinflation in the country surpassed 25,000%.
Venezuelans comprise the largest share of Localbitcoins’ audience, followed by visitors from the US and the UK.
MOST TRADED ASSETS
- Binary Options
- Digital Options
- Forex
- Stocks
- Indices
- Commodities
- ETFs
-
EUR/USD
1.09
+0.24% -
USD/JPY
151.88
-0.19% -
AUD/USD
0.66
+0.74% -
GBP/USD
1.3
+0.32% -
GBP/JPY
197.58
+0.13%
-
Microsoft Corporation
412.81
+0.72% -
Tesla, Inc.
250.94
+2.9% -
NVIDIA Corporation
138.9
+1.46% -
Amazon.com, Inc.
196.81
+0.23% -
ThyssenKrupp AG
3.42
+4.63%
-
Gold
2735.79
+0.07% -
Crude Oil WTI
71.99
+1.07% -
Crude Oil Brent
75.73
+0.92% -
Silver
32.68
+0.98% -
Natural Gas
2.87
-1.47%
-
US 100
20151.5
+0.95% -
US 30
42152.5
+0.63% -
US 500
5767.53
+0.78% -
HK 33
20871.6
+1.87% -
US 2000
2232.3
+0.81%
-
Daily Junior Gold Miners Index
50.25
-1.47% -
20+ Year Treasury Bond ETF
91.78
-0.24% -
S&P 500 ETF
574.24
+0.54% -
ETFMG Alternative Harvest
3.3
+0.15% -
UltraPro Short QQQ
7.32
-1.68%
Your capital might be at risk
Related posts
2 stars of the crypto market: Bitcoin vs. Ethereum
Day Trading Cryptocurrencies on IQ Option
Cryptocurrency News: Where Are We Headed?
Crypto Trading: Still Hot or Not?
Trading CFDs on Crypto with IQ Option
Bitcoin Technical Analysis: July 2020. Bulls or Bears?
Bitcoin Technical Analysis for July 2019
India Taking Back Control of Their Data Against Digital Gangsters?
What should you learn next? Turn the wheel to find out!