Last week 34 BTC were traded in Venezuela using only LocalBitcoin. Monthly minimum wage is still under 16 USD (average around 100 USD) and inflation rate slowed down to only 8% monthly.

Hi guys as you know I like to update these stats weekly (I'm Venezuelan living here) and have been doing this for 4 years (before moons by the way)! I usually post in the cryptocurrency subreddit but like to post here too because the main subject is BTC

Not much interesting happened this week, 34 BTC were traded (30 BTC last week), almost the same value of the last weeks, around 120 BTC monthly (As I always said, it was over 2k BTC in 2018... WEEKLY!)

One BTC is around 170,000 Bs

LocalBitcoin is not that used anymore that is one of the reasons of the drop, Binance, AirTM and Reserve took its place! Binance is king because it has P2P with Bolivares (Bs. our national currency). Only advantage of LocalBitcoin it makes its stats public!

Monthly minimum wage is under 16 USD. Average is around 100 USD monthly, a good wage (like manager) is around 400 USD!

Inflation has slowed down and now it's around a "nice" 10% monthly, which is so good considering we had 2,000,000% yearly rate inflation in 2018!

https://www.reuters.com/world/americas/venezuela-inflation-accelerates-82-mm-august-2022-09-14/

(Waiting for September numbers, but should be around 8-12%)

Crypto has been used for years so people would exchange their Bolivares as soon as possible! Some people use them to send remittances to their families here and also people mining (house electricity is free, here mining with GPU is still profitable hahaha and with ASIC, even more!).

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/