Venezuela’s Bitcoin Investment Increases Once More

Venezuela Bitcoin Investment

On June 6, Criptonoticias news outlet reports that over the last three months Venezuela’s interest in buying Bitcoin has significantly increased.

Early 2017, 805 bitcoins were exchanged within a week, this was the first time Venezuela experienced its first cryptocurrency growth.

Later on, the level of excitement towards crypto in Venezuela decreased matching with the training volume that went as low as 150 bitcoins purchased per week.

In early-to-mid 2018, though, Criptonoticias reported that, based on the LocalBitcoins data, Venezuela’s Bitcoin investment increased once again. The amount of Venezuelan Bolivar to Bitcoin exchange raised by 138% from March to April, and by 39% more from April to May. The last week of May, some 4.9 trillion bolivars were spent on bitcoins, while the first week of June had seen the amount grow by 40.8% to 6.9 trillion.

However, according to Forbes, in late May hyperinflation in the country exceeded 25,000%, while Bolivar keeps dropping. Criptonoticias links the developing interest towards Bitcoin to hyperinflation in Venezuela. Forecasting hyperinflation is not the easiest thing to do, it’s both unstable and unpredictable, so anticipating the inflation rate for a coming month or so with any degree of certainty is unattainable.

Related Cryptocurrency News