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Venezuela sets a new record of bitcoin volume thanks to 10,000,000% inflation


Venezuelans have traded more Bolivars for Bitcoin (BTC) than ever before last week, but statistics say more than $ 5 cryptocurrency.

Another record of bitcoin volumes for Venezuela

The data from Coin Dance, which tracks business activity in the P2P premises Bitcoins, Paxful and Biscuit exchanges, confirms that the seven days to July 20 are the largest recorded in Venezuela.

During this period, customers of LocalBitcoins generated more than 57,000 million volumes, which exceeded the previous 49,000 million, which was released last week.

Weekly volume from LocalBitcoins (Venezuela Bolívar) courtesy of

As Cintelegraph reported, the Venezuelan currency continues to suffer from galloping inflation, which, according to estimates, reached 10,000,000%, causing citizens to resort to alternative, cost-saving measures.

The state's official alternative, the state-owned Digital Currency Petro, was declared a failure by a non-profit organization in the United States this month.

But it's a trap

As the number of Bolivars in localbitcoins continues to grow, in terms of bitcoin, the number is decreasing. The figure of 57,000 million last week was equivalent to only 574 Btc, a figure significantly lower than in several weeks earlier this year.

Underlining the weakening of the Bolivar, the Venezuelan government does not support Cryptocurrency trade, which also imposes forex embargoes.

Earlier this year, Torch Lightning Transaction Relay released 0.4 btc (USD 4000 USD) in cash between Bitcoin users for Venezuela who couldn't escape the country.

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