The previous record set in June was broken during the opening week of July when over forty-seven billion Venezuelan bolivars were traded against the cryptocurrency Bitcoin.
The current scenario indicates that, as, the political instability, social unrest, economic uncertainty increases, Venezuelans tend to accumulate more and more bitcoin. This unprecedented interest in Bitcoin may be due to the constant weakening of Venezuelan currency.
According to estimates, Venezuela’s inflation rate in last April hit a whopping 1, 300,000 percent. While last month, the South American nation reportedly announced that a fifty thousand bolivar bill would be designed that would provide smooth transactions for a business.
This new record for the Bitcoin happens at the same time when the International Court of Justice blames the incumbent government for the deteriorating situation of Venezuela.
With the intention of tackling the Venezuelan crisis, talks were held about a couple of months ago between the government and the leaders of the opposition, but those talks yielded no result.
However; since the start of the year 2018, volumes of Bitcoin/VES are steadily increasing. Moreover, presently, Venezuela has a national digital currency Petro, which is battling with Bitcoin for consideration. Read More at Cryptopolitan...