Bitcoin on the Rise Once Again in Venezuela

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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.
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