Record Use Of Bitcoin Viewed By Hyperinflation Of Venezuela
There are a high number of bitcoin transactions processed in the month of July in Venezuela whereas the month of August witnessed a new record high because more and more people turning towards the digital currency as the Venezuela continuously tackling the Bolivar inflation.
Venezuela is projected to remain in a deep recession in the year of 2016 according to the International Monetary Fund. The contraction rate saw a rise of 8 percent in 2016 as compared to 5.7 percent in 2015. That’s why people recognizing the advantages of bitcoin, which presents for the future and protect them against the further inflation.
Record high use of Bitcoin
The total BTC transaction in Venezuela in the first week of August reached to $141.7 million Bolivar, which was exchanged for bitcoin. It total amounts to US$ 141 million.
It beats the previous week’s record, which saw transactions amounting $117.116 million Bolivar exchanged for bitcoins. The figure amounts to $117 million, when compared to the US Dollar. The local currency of the Venezuela doesn’t seem to recover till now.
This is a great news for the BTC because the people of Venezuela can invest their money in the digital currency.
The Bitcoin rise in Venezuela
There was a survey conducted by the Bloomsberg, which found that the Venezuela is the most miserable economy in the world. Despite this survey, the bitcoins exchanges are taking a stand to offer help to the people of Venezuela.
Presently, there are three bitcoins exchanges in the Venezuela SurBitcoin, Yabit and Cyptobuyer. SurBitcoin is the biggest of all, whereas Yabit and Cryptobuyer are new in this business.
The bitcoin is continuously helping the people of those countries, who need the most because the governments idly sit by inept to do anything to take out their country from the crisis. The bitcoin is helping the people of these countries to move themselves out of recession.