Only 27 BTC were traded last week in Venezuela measured only using LocalBitcoins, monthly minimum wage now at 11 USD.
As every week I post this here too.
Hi there, as always I post these stats weekly.
Last week it was a bit higher, 32 BTC. Still monthly average is around 120 BTC. Years ago it was over 1,000 BTC for weeks!
LocalBitcoins is only a reference because they make public their stats. For sure it's not the most used one. Binance is king because their P2P (with Bolivares), AirTM, Reserve and others, sadly they don't make public their numbers.
One BTC trades around 250,000 Bs.
Exchange rate is around 11.70 Bs. per USD (last week was 9.30 Bs.). This is the official rate, street rate is around 13 Bs. per USD.
Not so many zeroes because since 2007, goverment has removed 14 zeroes from the currency. One current Bs. would have been 100,000,000,000,000 "old" Bs.
Monthly minimum wage is 130 Bs. so that is around 11 USD at official rate and 10 USD at street rate.
Inflation is "only" 140% since January, way lower than before.
People use crypto to avoid Bolivares, get paid, pay thingsm exchange profit from mining (electricity is "free") and also receive remitances from abroad.
Any question, let me know.
Some sources:
https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/
https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
https://coin.dance/volume/localbitcoins/VED/BTC
https://coin.dance/volume/localbitcoins/VED
https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/
https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/
https://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
Submitted December 04, 2022 at 11:52PM by WorkingLime https://ift.tt/r5fYgKB
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