In October the people of Venezuela traded more bitcoin than ever before. In the entire month more than 3896 BTC has been traded. That’s more than 6 billion Venezuelan bolivar. Last week bitcoin trading even set a weekly record with 1076 BTC. All this data comes from LocalBitcoins, an online trading platform for local communities.
Venezuela is in a financial crisis. The bolivar is making a free fall and citizens use foreign money to survive. But there are foreign currency shortages, and inflation is still increasing. Therefore cryptocurrency is becoming increasingly popular.
The government launched its own crypto coin, the Petro, but that’s not what Venezuelans have been hoping for. Instead they resort to existing cryptocurrencies like Dash and Bitcoin.
The government however is making payments in Petro mandatory. According to reports the Petro can be used for passport application fees and other government services. Often these services can’t even be paid in bolivar anymore. Some major retailers in the country now accept payments in multiple cryptocurrencies.