In December 1st, the use of Venezuela was more innovative, as a result of the previous week’s economic adjustment, making the encrypted currency more attractive than ever.
According to CoinDance data, Venezuelan has completed a 1284 BTC ($5 million 100 thousand) deal only through the P2P trading platform Localbit in the 7 days to Saturday.
In terms of the country’s extremely unstable national currency, Bolivar (Bolivar), the number is still higher last week, and the volume of local bitcoin trading is up to 2 billion 350 million Bolivar. On Friday and Saturday, President Nicolas Maduro raised the minimum wage by 150%.
A day later, Venezuela devalued the Venezuelan currency by more than 40% in an exchange rate revaluation in Dicom, the first significant devaluation since Venezuela’s currency replaced Bolivar in August.
“The arrival of Christmas is exciting, so this measure is a gift for a working family,” Bloomberg quoted Nicolas Maduro as a speech on national television.
As Bitcoinist reports, Venezuelan consumers will eventually pay a price for failed economic policies, including the forced introduction of a government backed encrypted currency, Petro.
As the minimum wage increases, Nicolas Maduro increases the exchange rate of oil, as the two indices are linked to each other. According to government official website data, the current price of oil per gallon is $9000, compared with $3600.
At the same time, Venezuela did well in the global bitcoin trade, but the bitcoin market in other places was flat last week. Before that, the increase in trade in Latin American markets, including Argentina and Peru, was a reflection of uncertainty.
So far, while the price of bitcoin has been declining for most of this year in 2018, the volume of bitcoin trading in 2018 is over $2 trillion, about 40% higher than in 2017.