As the price of Bitcoin (BTC) surged last week, reaching over $5,000 USD, many markets around the world started to get hyped about the asset again. The situation was not different in Venezuela, as trading in the country reached all-time highs last week.
According to data extracted from Coin Dance, which tracks the volume of BTC trading in P2P exchanges such as Paxful, Localbitcoins, and Bisq, Venezuela saw a surge in Bitcoin trading. From March 31 to April 6, trading spiked.
Volume was steadily increasing over the last year and a total of 26.4 billion sovereign bolivars (VES) were traded in the platform last week. This may not be a worldwide record, but it is a record for Venezuela, which has been slowly adopting Bitcoin since the inflation in the country is just too high.
Mainstream media outlets from the country are now openly talking about Bitcoin and many of them have faith in this new borderless coin and believe that it can be the better alternative than the nation’s fiat currency or the Petro, the state-backed cryptocurrency created by the executive government last year.
Since the national currency is constantly being devaluated due to the high inflation, many people are using Bitcoin as a way to keep some of the value in the money, what worked pretty well even last year, when Bitcoin lost 80% of its value. Why? Because the national fiat currency lost over 95% of its value during the year.
A local Bitcoin merchant, Eduardo Gómez, affirmed on social media that Bitcoin saved his life “multiple times”, as the inflation-ravaged the country.
Worldwide Bitcoin Volume Surged As Well
As we all expected, the worldwide volume of Bitcoin also surged last week. Not only counties being affected by the inflation are using the tokens. Even in countries with stable fiat, BTC can be a good idea when it’s going up and it was going up fast last week.
Other countries in the American continent which saw a big spike in volume were Argentina and Colombia, both in economic crisis. Peru, Mexico, and Chile also saw smaller but important volume spikes.
In Kazakhstan, Localbitcoins had its most successful week ever, with around $102,000 USD being exchanged using the program during the week.
With its price currently around $5,203 BTC/USD, Bitcoin is experiencing less volatility now and it seems that the token is starting to get comfortable above the $5,000 USD price range, but it is also not showing any signs of going up so quickly.
Today, Bitcoin is on the eighth day of its small “bull run” and we all want to know whether this is going to last or not.
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