Venezuela Establishes New BTC Trading Volume Record Due to Inflation
Main page News, Bitcoin, Venezuela

According to data provided by Coin Dance, a company specialized in tracking trading activity on the P2P platforms Localbitcoins, Paxful and Bisq, during the 7 days prior to July 20 several records were broken in Venezuela.

Localbitcoins' users reportedly generated trading volumes of over 57 billion bolivars, surpassing this way the previous high of 49 billion bolivars.

These record trading volumes seem to be a result of the country's spectacular 10,000,000% inflation, which has forced its residents to look for alternative ways to store value.

Back in October last year, Nicolás Maduro, the president of Venezuela, officially launched Petro, the country's national cryptocurrency. The cryptocurrency claims to be fully backed by Petro. In spite of the efforts of the authorities to foster, or we could even say, force Venezuelan residents to use the currency, it does not seem to be having a wide acceptance.

Venezuela has been suffering a tremendous inflation over the last years. Residents in Venezuela can hardly afford food, a situation that is worsened by the lack of basic goods such as medicines.

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