Despite the competition from the state-promoted national cryptocurrency El Petro , the volume of Bitcoin trading via LocalBitcoins in Venezuela reached record highs.
Data: CoinDance
So, last week the turnover at the p2p site was 1974 BTC. At the same time a week earlier this figure was 1743 BTC. Thus, in just seven days, the increase was 11%.
Many conservative supporters of traditional finance criticize Bitcoin for its high volatility. However, despite the fact that BTC has fallen by more than 80% since the beginning of the year, for the Venezuelans this cryptocurrency remains a very important means of preserving value.
Note that there is no official statistics on inflation in this oil-rich Latin American country. However, experts of the International Monetary Fund are confident that by the end of the year, the inflation rate in Venezuela could have reached 1 million percent . According to some reports , prices in this country every month at least double. Consequently, the inflation rate in 2019 could reach 10,000,000%.
Recall, recently the president of Venezuela, Nicolas Maduro decided to share his "advanced" experience of monetary reforms with Russia. In particular, he proposed to use the El Petro cryptocurrency in the calculations for oil.
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