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

  • Alex Dovbnya
    📰 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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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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Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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