LocalBitcoins Trading Volume Surges in Venezuela as Hyperinflation-Stricken Country Turns to Crypto

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Mon, 09/17/2018 - 07:00
Alex Dovbnya
LocalBitcoins trading volume skyrockets in Venezuela, but the real growth of BTC might be largely exaggerated
LocalBitcoins Trading Volume Surges in Venezuela as Hyperinflation-Stricken Country Turns to Crypto
Cover image via U.Today

While Venezuela's “economic recovery program” is already shaping up to be a massive flop, the country dives into the world of crypto without trepidation. Skyrocketing trading volumes on a peer-to-peer cryptocurrency exchange LocalBitcoins serve as a proof that Venezuelans are hell-bent on ditching the tanking government-issued Bolivar.

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Alexander Tapscott, a reputed Blockchain analyst, has recently tweeted the infographics that shows a rapid increase of LocalBitcoins trading volume in Venezuela. LocalBitcoins is a Helsinki-based trading service, which allows performing over-the-counter transactions, exchanging any fiat currency (in this case Bolivar) into Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.