LocalBitcoins users in Venezuela spent nearly 160 billion VES buying 16,642 BTC in the first two months of 2019. At today’s price, those bitcoin are worth almost $63 million, with a record 25.16 billion VES spent just this week.
Steady As She Goes
Bitcoinist has closely followed the increase in LocalBitcoins usage in Venezuela, a barometer of the economic instability in the country. After a whole year of steady increases, the bitcoin volume is now relatively stable, at around 2,000 BTC per month. This is a tenfold increase on January 2018, when Venezuelans were buying around 200 BTC per month through LocalBitcoins.
Hyperinflation caused the demise of the previous Bolivar, as it became worthless almost as soon as it was printed. This caused citizens to flock to bitcoin in their droves, looking for a more stable store of value to preserve their wealth.
The replacement, the Sovereign Bolivar, (VES) is still suffering rampant inflation, so the ATH this week actually represents a slight drop in terms of BTC according to figures…