Venezuela Sets New Bitcoin Volume Record Thanks to 10,000,000% Inflation
By William Suberg Venezuelans traded more bolivars for Bitcoin ( BTC ) than ever before last week, but the statistics say more about fiat than cryptocurrency . Yet another Bitcoin volumes record for Venezuela Data from Coin Dance , which tracks trading activity on P2P exchanges Localbitcoins , Paxful and Bisq , confirmed the seven days to July 20 were Venezuela’s biggest on record. During that period, users on LocalBitcoins alone generated volumes of over 57 billion bolivars, beating the previous all-time high of 49 billion, which appeared in the previous week. Weekly LocalBitcoins Volume (Venezuelan Bolivar) Courtesy of Coin.dance As Cointelegraph reported , Venezuela’s currency continues to suffer from runaway inflation, which estimates claim has reached 10,000,000% , leading citizens to resort to alternative means of storing value. The country’s official alternative, state-issued digital currency Petro , was declared...