LocalBitcoins volume skyrockets in Venezuela
January 14 2020 - 5:00AM
Coin Rivet
In the wake of massive national fiat inflation, demand for
Bitcoin has soared in Venezuela, with users paying over $700 more
for BTC than its market price. More and more Venezuelans are
adopting cryptocurrency every day after facing one of the worst
periods of hyperinflation in recent history. The ongoing crisis,
which began in 2016, has seen the price of the Venezuelan bolívar
(VEF) dwindle, with the Central Bank of Venezuela estimating
inflation rates of over 53.7 million percent between 2016 and 2019.
As its purchasing power declines and huge piles of cash are
required for the most basic necessities, desperate Venezuelans have
been turning to Bitcoin instead. Volume on peer-to-peer exchange
and Bitcoin marketplace LocalBitcoins has skyrocketed from just
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