The population of Venezuela has been struggling with the effects of inflation for some time. Since then, the various cryptocurrencies, and especially Bitcoin, have always been a support for the financial handling of everyday life. The trading volume for Bitcoin and the Venezuelan bolivar has now reached a new high.
Bitcoin as a savior in the inflation crisis
The escalating inflation of the national currency gives Bitcoin plenty of opportunities to make everyday life easier for the population. Some Bitcoin statistics are available on the Coin Dance platform, which show the trading volume of the Bitcoin and the Venezuelan Bolivar. They show that a new record was set on the Local Bitcoins platform in the week of December 14th. The new milestone shows a Bitcoin trading volume of 209 billion Venezuelan bolivars. This new high has been showing a tendency to increase in recent weeks.
What does the record value actually say?
If you consider that the Venezuelan bolivar is a currency with extremely high inflation, the new record value loses some of its importance. Because really much more Bitcoin than in the past few weeks has not gone over the virtual counter. Rather, the high values show that the Venezuelan bolivar continues to lose value, which means that the values in the trade volume are increasing steadily. Coin Dance also shows how much of Bitcoin was actually bought. While there were almost 2,000 Bitcoin in February 2019, it was only a quarter towards the end of the year. However, it is clear that Bitcoin continues to be of great importance to the population in Venezuela in the times of the financial crisis..