Venezuelans Will Love Bitcoin Even More with 10,000,000% Inflation
Bitcoin's trading volume has set a record high in Venezuela, thanks to the 10,000,000% inflation rate in 2019 as shown in Statista.
The data shows Bitcoin's trading activity in P2P exchanges LocalBitcoins, Paxful and Bisq from Coin.dance. Bitcoin's trading volume in LocalBitcoins hit a record high of 57 million bolivars on 20 July, beating the previous high of 49 million on 13 July. Venezuela's inflation rate in 2018 was 929,789.5%, and the projected Venezuelan inflation rate from 2019 to 2024 will be at least 10 times higher. With the weakening of Venezuelan Bolivar, citizens turned to hold Bitcoin as alternate storage of value. Despite President Maduro's urge towards the Bank of Venezuela to trade Petro crypto nationwide, the adoption of Petro remained poor and Venezuelans appreciate Bitcoin much more than the country-issued crypto.
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