38 BTC were traded last week in Venezuela using LocalBitcoins, a 11 BTC increase since last week after experiencing a big devaluation that put the monthly minimum wage under 10 USD

Hi there, just posting this here too:

As you know I'm Venezuelan living here and have been posting this for almost 5 years now.

Exchange rate went crazy from around 13 Bs. (Bolivares) per USD to 18 Bs. per USD. Official rate is around 14 Bs. per USD.

So devaluation and inflation, more BTC trading.

Monthly minimum wage is 130 Bs.

As I always say, this doesn't mean this is the total volume traded in the country, just traded in LocalBitcoins (which is not much used anymore). Kings of exchange/trades are Binance, AirTM, Reserve and others.

LocalBitcoins had a volume over 2000 BTC years ago.

One BTC trades around 315,000 Bs.

Goverment has removed 14 zeroes from the currency. One current Bs. would have been 100,000,000,000,000 "old" Bs. So one BTC would have been 31,500,000,000,000,000,000 "old" Bs.

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/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

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/