Venezuela transacted more hyperinflated bolivars for bitcoins than ever before last week — but actual Bitcoin (BTC) volumes still decreased.
Hyperinflation Bites Bitcoin Traders
Data from monitoring resource Coin.Dance — which tracks trading volumes on P2P platforms Localbitcoins, Paxful, and Bisq — shows total volumes in Venezuela on Localbitcoins reached 35.9 billion sovereign bolivars (VES) for the week ending April 27. That number marks the highest in history according to the site’s records, the weekly performance squarely beating the previous high of 31.3 billion VES set two weeks prior.
This week’s record, however, differed from the past. As Bitcoinist reported, the hyperinflation affecting Venezuela’s fledgling national currency is forecast to hit 8 million percent in 2019. In line with that worrying trend, the bolivars transacted through Localbitcoins last week actually totaled significantly less in BTC terms than previous weeks.
The 35.9 billion VES was equivalent to 1208 BTC ($6.23 million), while the…