Bitcoin Trading Volumes in Venezuela Reach Record Highs amid Hyperinflation

As the economic crisis in Venezuela worsens leading to a growing exodus of citizens out of the country, the demand for bitcoin and other cryptocurrencies has exploded.

According to Coin Dance, Venezuelans traded bitcoins worth nearly 300 million bolivars last week and the record could be broken again as so far this week bitcoin worth more than 292 million bolivars has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in the year.

The worsening economic conditions have resulted in reports of Venezuelans fleeing the country in large numbers on foot and by bus after finding life intolerable in the socialist country. Per statistics from the International Organization for Migration, since 2015 around 1.6 million have fled and the number is still rising. Most of them have fled to other South American countries such as Colombia, Peru, Brazil and Argentina.

95% Devaluation

Besides an increase in demand for bitcoins as a hedge against the…