Over the past few months it has been repeatedly reported that an increasing number of Venezuelan citizens are converting their bolivars into BTC and other cryptocurrencies. The finding of one pushes workers and pensioners to do so increasingly evident fragility of the bolivar, the currency of the country. To try to protect the purchase value of salaries and pensions, the earners as soon as they get hold of them exchange them with BTC, mostly.
An investment that at this point we can define wise, considered as the queen of the only over the past twelve months cryptocurrency has more than doubled its price. While the bolivar continues its endless descent, evidenced by the numbers. Suffice it to say that in the past month of March a 140 gram can of tuna cost 1,1 million bolivars, a pack of 526 thousand eggs, a kilo of chicken 1,37 million, the same amount of sliced cheese 2,8 million. Prices that basically increase day by day.
New record on LocalBitcoins
Over the past week, on LocalBitcoins, the platform that allows you to exchange fiat currencies with BTC locally, recorded the highest data ever recorded in the relationship between the two assets. They were more than 363 billion bolivars converted into tokens, thus shattering the previous record, which had been recorded the week before, stopping at 263 billion. It is therefore a 38% increase in just seven days. The consideration in Bitcoin it is 638, for a volume of just over 5 million dollars.
Another quite sensational figure is that relating to the increase in trading volumes in bolivars on LocalBitcoins over the last year, which even touched the 2492%. If there are many Venezuelan citizens who sell bolivars, few are those who buy them in exchange for BTC. In this way one is generated imbalance which results in higher than normal sales prices. A Bitcoin in Venezuela $ 1300 is also paid more than the official listing.
An understandable move
If anyone can marvel at a dynamic of this kind, in light of the volatility of Bitcoin, it should however be stressed that what is happening in Venezuela is completely understandable. Even if in the next few weeks a new collapse of its quotation occurred, which was however considered quite unlikely by analysts, the loss would prove to be much less conspicuous than that which the bolivar has become accustomed to.
In the opposite case, however, the gain would help to better support a cost of living that moves to levels reminiscent of Weimarian Germany. Enough to push President Nicholas Maduro to focus more and more on digital assets. Starting from Petro, which during the Christmas holidays has seen a resounding and unexpected success, thanks to theairdrop, or the transfer of half a token (about ten dollars) in the wallet predisposed for public and retired workers. A decision that has prompted many of them to purchase basic necessities, resulting in extremely high traffic. A step considered by some to be decisive towardsmass adoption of Petro, considered fundamental by Maduro to be able to mitigate the consequences of the US embargo on a social level.