Last week 614 BTC were traded using LocalBitcoin in a country where minimum wage is 5 USD per month. Yes, Venezuela. One BTC is 657,000,000 Bs. (Bolivares). AMA.
These volumes are only measured using Localbitcoin (LBTC) using their API (Coindance). Big part of that exchange come from Venezuelans that live abroad and send money to their families, miners, people that get paid in cryptos (freelancing) and even the own government. It is around 2000 BTC per month.
Today exchange rate is around 1 USD = 75,000 Bs. (Official rate is almost the same, 74,139 Bs.)
2019 inflation was 7,000 %
Minimum wage (which is earned by a big chuck of the population, not like other countries) is 250,000 Bs. wage (less than 3 USD) + 200,000 Bs. food bonus (less than 3 USD) PER MONTH. Increased from 150,000 Bs. and 150,000 Bs.
392,000,000,000 Bs. (All time high in Bolivares) is the total amount traded in Bs. this week (614 BTC)
Government gave away a 0.5 Petro airdrop to a lot of people this week as a " free bonus", which is around 30 USD. People could change it into FIAT (Bolivares) in some POS. It has been halted because everyone changed them to FIAT and increased inflation and prices. "Fixed" price of the PETRO is 60 USD (they want a stable coin) but in the few exchanges (tied to the government itself) it is trading under 30 USD (all the people wants to sell and no one wants to buy)
Biggest bank note is 50,000 Bs. which is around 1 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.
Here in Venezuela situation is really hard, some people dont believe that amount is the minimum MONTHLY wage. I work and earn more than that (anyway, the amount is really low, I'm sure with that amount I would be living homeless in Colombia, Peru or Panama for example), usually get some donations from redditors and do some freelancing work (translating mostly) and it is really hard to keep up daily.
Sources:
Submitted January 20, 2020 at 07:52PM by WorkingLime https://ift.tt/2RDMfYy
Comments
Post a Comment