Soaring Inflation Sends Bitcoin Trading Volume to New High in Venezuela

The amount of Venezuelan bolivars being spent to purchase bitcoin has risen to record levels as the South American country experiences unprecedented hyperinflation and a worsening economic crisis.

Per Coin Dance, bitcoins worth nearly 900 million bolivars have been traded so far this week in Venezuela, and this is already higher than last’s week volume of slightly over 850 million bolivars.

However, this spike in volume cannot be wholly-attributed to the rapid devaluation of the bolivar. Last week also saw the highest number of bitcoins traded in the Latin American country, with residents trading 1,089 BTC worth a present value of $7.1 million on the platform. The record could be broken again as already 955 bitcoins have been traded this week so far. The second half of September also saw bitcoin trading volumes breach a high that had only been reached for the first time last April.

Seven-Digit Inflation Figures

Venezuela’s growing…