Bitcoin in Venezuela is in high demand due to the country’s economic crisis

Bitcoin in Venezuela is in high demand due to the country's economic crisis

Bolivian trades against Bitcoin in Venezuela reached a new record value last week amid the worsening economic and political crisis in the country.

According to Coin.Dance, in the last week of August, nearly 115 billion bolivars were converted to Bitcoin. The previous record was almost 78 billion bolivars in a week, an increase of almost 47 percent.

The increase is largely due to the rapid depreciation of the bolivar – the volume increase in Bitcoin is lower – from 465 BTC to 533 BTC.

Despite hyperinflation, the government is still promoting its controversial national currency, which includes the state-issued digital currency, Petro. Last week a remittance system for Petro appeared, but its prospects for use remain uncertain.

In the same week, one of Venezuela’s largest retail chains, Traki, decided to accept Bitcoin as a payment method.

Possible coup against Maduro government

Bitcoin’s new acquisition record in Venezuela coincided with rumors of a possible coup against President Maduro. The media reported that the economic policies implemented by it generated hyperinflation of the national currency and caused an exodus of the population due to the harsh living conditions.

Last week, Venezuelan Communications Minister Jorge Rodriguez claimed on state television that paramilitary training camps were set up in Colombia, which are intended to undermine the government of President Nicolas Maduro.

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According to ABC News, Colombia is backing a campaign by Venezuela’s opposition leader Juan Guaido, who wants to replace Maduro. Guaido also has the support of the United States, according to a message sent earlier this year by Donald Trump.

The citizens of Venezuela have suffered for too long at the hands of the illegitimate Maduro regime. Today, I have officially recognized the President of the Venezuelan National Assembly, Juan Guaido, as the Interim President of Venezuela. https://t.co/WItWPiG9jK

– Donald J. Trump (@realDonaldTrump) January 23, 2019

However, the US does not support the idea of ​​military intervention. Apparently, the US government has again granted Maduro amnesty if he agrees to give up his position voluntarily. Maduro previously rejected a similar offer.


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