Post
Topic
Board Bitcoin Discussion
Re: Soaring BTC trading volumes in Venezuela and other inflation stricken countries
by
Kemarit
on 05/01/2020, 05:13:49 UTC
could it be a sign that bitcoin will experience a big increase, but it doesn't seem to have any effect on the price of bitcoin, until now there is almost no difference in the price of bitcoin from yesterday, bitcoin is still between 7000 and 7500.

Of course, it won't affect the price per se. So don't expect that because the price of Bitcoin is very high in countries such as Venezuela or recently Iran (around $24,000-$26,000 per pop as reported), it will reflect on the global scale.

Obviously, because Venezuela's Bolivar has no value at all, they just hedge their wealth to cryptocurrency such as Bitcoin. So it is a form of alternatives to those countries with hyperinflation. At least we can proved that Bitcoin has a purpose on those countries.