Bitcoin Reaches All-Time High Trade Volume in Economically Declined Venezuela

October 2, 2018

As economic crisis in Venezuela keeps gaining pace, demand for digital currencies continues growing either.

According to Coin Dance, Venezuelans have traded bitcoins to the amount of about 600 million bolivars over the last two weeks.

Downward economics has resulted in numerous reports on massive migration from the South American socialistic country. As statistics by the International Organization for Migration shows, about 1.6 million individuals have fled since 2015 and the number keeps growing. The most of those have headed for other South American countries like Columbia, Peru, Brazil and Argentina.

Along with a 95% devaluation of the currency and renaming it onto sovereign bolivar the president of Venezuela Nicolas Maduro stated, the bolivar will be pegged to the Petro cryptocurrency presented earlier this year. The cryptocurrency was the country’s attempt to skirt sanctions and gain access to international finances as well as to seize control over ever-growing hyperinflation.

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