It appears that Venezuela is exhausted about the current economic situation in the country. The hyperinflation affects every citizen in the country and makes it harder to buy food, medicaments or use any kind of paid services, including banking.
A lot of Venezuelans are unbanked and is currently shifting to other financial solutions which let them be more independent, private and less affected by the ongoing current financial situation in Venezuela.
According to Prof. Steve Hanke’s chart, shared on February 6, 2019, Venezuela’s annual inflation rate is 129,707%. This dictates ‘no end is in sight for Venezuelan hyperinflation without a currency board’.
Measured for today, Venezuela’s annual inflation rate is 129,707%, an increase of 6 percentage points from yesterday. No end is in sight for Venezuelan hyperinflation without a currency board. pic.twitter.com/Y2G3dmDIhM
— Prof. Steve Hanke (@steve_hanke) February 6, 2019
2 004 BTC in Volume for a Week
The latest data on coin.dance shows that Venezuela broke heir all-time-high in Bitcoin trading volume for the week of 2019-02-02. This equals to $6 835 744 USD.
17 Billion Venezuelan Bolivars
Converting the Bitcoin trading volume in Venezuelan Bolivars it is equal to 17 337 852 595. The sustained growth in growing bitcoin trading volume is clearly visible.
More on top, Bitcoin Venezuela needs $50k in BTC to finalize tiny Mesh nodes for off-grid BTC transactions thus meaning that the mesh nodes only need a battery to allow anybody to send Bitcoin transactions or messages without any mobile signal or internet. Such a solution would make Bitcoin even more usable in Venezuela.
To conclude, the growing interest in cryptocurrencies indicates that Venezuelans strives for transparency, independence, and freedom. Who can offer this – government or cryptos? Let us know in a comment section down below.