LocalBitcoins volume skyrockets in Venezuela

Date : 01/14/2020 @ 10:00AM
Source : Coin Rivet
Stock : Bitcoin (BTCUSD)
Quote : 7322.56000000  -46.26000000 (-0.63%) @ 3:29AM
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LocalBitcoins volume skyrockets in Venezuela

In the wake of massive national fiat inflation, demand for Bitcoin has soared in Venezuela, with users paying over $700 more for BTC than its market price. More and more Venezuelans are adopting cryptocurrency every day after facing one of the worst periods of hyperinflation in recent history. The ongoing crisis, which began in 2016, has seen the price of the Venezuelan bolĂ­var (VEF) dwindle, with the Central Bank of Venezuela estimating inflation rates of over 53.7 million percent between 2016 and 2019. As its purchasing power declines and huge piles of cash are required for the most basic necessities, desperate Venezuelans have been turning to Bitcoin instead. Volume on peer-to-peer exchange and Bitcoin marketplace LocalBitcoins has skyrocketed from just

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