Post
Topic
Board Bitcoin Discussion
Re: 114 Billion Bolivars Recorded Bitcoin Trading Amount in Venezuela
by
1Referee
on 04/09/2019, 23:23:37 UTC
Yes there is growing interest in the use of bitcoin and it goes beyond Venezuela as its becoming common by the day but it does not translate to everybody in the country now drifting towards that line of action.

The growing interest in Bitcoin isn't so much related to actual use to circumvent rogue governments, but purely speculation. If we look at Bitcoin's transactions in the last two months, they have gone down a bit instead of up. If we have to believe the numerous news outlets about the adoption and use picking up rapidly, the transactions would have hit 400,000 transactions continuously, but they don't.

https://bitinfocharts.com/comparison/bitcoin-transactions.html

They find dollars to be what's working for them, and it comes with plenty of fungibility. Dollars have been trading at a 5-10% premium for quite a while in the underground market there. Stores almost beg you to pay in dollars, so there is an incentive to accumulate it.