Venezuela seeing crypto assets entering the economy

There are incoming reports indicating that bitcoin’s trading volume in Venezuela has made some big volumes over the past week covering more than 1,974 BTC trades on LocalBitcoins.

The country is seeing peer-to-peer purchase of bitcoin rising. According to the humanitarians looking into the crisis in Latin America most of the oil-rich countries are looking into the use of Bitcoin.

According to a report:

“Yes, 10 million percent because prices in Venezuela are doubling or tripling every month. And that, when you take it to 12 months, generate an exponential inflation rate.”

The economy of the country has contracted by approximately 50% over the last four years. Similarly, the purchase rate of bitcoins in Venezuela has been on the rise.

This latest increase in the crypto market has been fuelled by the fact that pensioners can now receive their funds in the national Petro cryptocurrency in Venezuela.

The big move could have also come from the ongoing devaluation and deluge in the streets of one of the poorest countries.

There was also a slight drop in the amount of bitcoins purchased by US citizens, while the UK saw a good increase of around 1% the past week. Venezuela is now the highest among the other Southern American countries like Colombia to have increased about 11%.

The country’s fiat-currency bills are constantly depreciating at alarming speeds, while human rights are at its bare minimum with people starving in the streets. The government is however, trying to move to a better financial system.

What is your opinion on these volume movements in crypto? Feel free to leave a comment below.