Bolivar To BTC Volumes Reach Record Highs As The Crisis Continues

Bolivar to BTC volumes in Venezuela reach record highs as the economic crisis in the country intensify and people turn to Bitcoin to find refuge. Following the latest cryptocurrency news coming from the South American country, a record amount of Bolivars were spent buying bitcoin.

In the last week of April, about 36.5 billion worth of Bitcoin was bought only that week which shows that the Bolivar to BTC volumes continuously increasing. The previous record reached 31.3 billion bolivars last month. The record numbers come as the political and economic tensions grown in the Latin American country. Over the past week, the opposition leader Juan Guaido started a military coup to help the civilian protestors in overthrowing the current president Nicolas Maduro.

This is the third time Guaido is trying to take Maduro out of the game but so far he has not achieved his expected plan. The opposition leader is supported by more than 50 countries including the US and the UK. However, Maduro has the support of China, Cuba, Russia, Turkey, and other countries. However, people are still changing their bolivar to BTC trying desperately to get some extra cash.

The violence in the country is only likely to continue and the changes of Bolivar to BTC volumes increasing are really high. As it was reported in the coming altcoin news, the number one cryptocurrency can serve as a buffer against the inflation in the country since it spiked over 12,000 last year. About 87 percent of the population in Venezuela is living in poverty and studies show that people are becoming more and more hungry.

On the other hand, we have the Petro cryptocurrency which according to Amberes, Venezuela’s National Superintendency of Crypto Asset and Related activities, the activity of the altcoin shows that the sales are growing constantly. According to the exchange, the trading volumes of Bolivar to BTC or bolivar to petro are on the rise. Most of the trading is happening online where buyers and sellers interact over social media. Other exchanges that offer Petro trading include Sunacrip, CryptoEx, Bancar, Afx, Criptolago, and CriptoMundo.