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

  • Alex Morris
    📰 News

    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

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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Is the crypto boom really happening in Venezuela?


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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