In the latest crypto news update about the situation in Venezuela, the amount of bolivars that are spent to purchase Bitcoin records a new high level previously unseen as this country goes through an extreme hyperinflation and terrible economic crisis.
About 900 million bolivars have been traded only this past week in Venezuela and this exceeds the level from the week before when the trade volume reached over 850 million bolivars.
This increase in volume is not only because of the devaluation of the bolivar. Last week the highest numbers of Bitcoins were traded in Venezuela when residents traded 1,089 BTC worth a value of $7.1 million on the platform.
This record can be broken again very soon when more than 955 bitcoins are now traded only this week so far. The growing bitcoin trading market comes just as the International Monetary Fund projects that the rate of inflation will reach a stunning 1,370,000 percent in Venezuela when the year ends.
The insane level of inflation could possibly be one of the factors that will further increase the trading volume in bitcoin. In July this year, the international financial institution predicted that an inflation of 1,000,000 percent is likely to happen.
The increase in trading volume comes just before the launch of the public sale of Venezuela’s state-backed cryptocurrency, Petro. This controversial cryptocurrency can be purchased using both major cryptocurrencies but fiat currencies will be accepted as well.
“If you have bitcoins you can buy Petros if you have Ethereum you can buy Petros if you have dollars or euros you can buy Petros. And from November 5, the Petro … will go on sale to the Venezuelan public in sovereign bolivars.’’
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