Venezuela Sees Bitcoin Trading Volumes Soar High
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Venezuela Sees Bitcoin Trading Volumes Soar High

January 27, 2020      Jyoti Singh

Recently, Larry Cermak of the Block tweeted that the trading volumes of Bitcoin continued to rise in Venezuela. In his tweet, Cermak also mentioned that countries like Colombia, Argentina, Turkey and Iran had also seen an increase in bitcoins volume.

According to the reports, the cryptocurrency enthusiasts and miners who were able to secure free electricity, which the government has subsidized, helped the Bitcoin to make its way to the country. Earlier, the Venezuelan Authorities opposed trading of cryptocurrencies in the country, but as it faced a currency crisis, the authorities decided to legalize and sanction trading. 

Bitcoin Becomes Escape Route For Venezuela

From the past several years, due to extreme inflation, the value of Venezuela’s native currency was going down, and during that time the cryptocurrencies were becoming a trend around the world. The Venezuelan Government got inspired by the idea of cryptocurrency, therefore, it decided to create its own oil supplies backed cryptocurrency, named Petro. The Bitcoins could be used to move the money anywhere around the world because of its censorship-resistant properties. At present, apart from cross-border trading, the bitcoins were being used within the country to buy goods and services.

As Venezuelans have started using cryptocurrency, therefore, it became easy for the people living outside the country, to send money back home to their families, who were still affected by the crisis. 

Currency Crisis-Hit Venezuela

Before the crisis-hit Venezuela, it was one of the wealthiest countries in Latin America. Its massive oil reserves were the largest in the world. But as the oil prices began to decline, the country started facing economic problems. As the economic crisis hit the country, the government decided to monetize its debt through inflation. According to reports, Venezuela might again become one of the wealthiest countries from being the poorest nation. A Bitcoin advocate has claimed that if hyperbitcoinization occurs and BTC becomes the global reserve currency, then Venezuela’s economy would rise.

READ  Venezuela Blocks Access to Coinbase and MercaDolar
#Bitcoin volumes #Larry Cermak #Petro #Venezuela
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.