33 BTC were traded last week in Venezuela only using LocalBitcoins. Monthly minimum wage now under 7 USD.

33 BTC were traded last week in Venezuela only using LocalBitcoins. Monthly minimum wage now under 7 USD.
WorkingLime
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Hi there, as always I like to post this here too:

Hi there, happy new year!

As I have been posting for years, last week 33 BTC were traded in Venezuela, this is only measured using LocalBitcoins because they are the only ones that make public their stats. It's not the most used exchange by far, leaders are Binance, Reserve, AirTM among others. Years ago it was used a lot, trading over 2k BTC weekly.

One BTC were traded around 320,000 Bs. (Bolivares)

And yes, monthly minimum wage is under 7 USD. It's 130 Bs. (Since 2007, 14 zeroes have been removed from the Bolivar) and exchange rate is over 18 Bs. per USD.

Average wage is around 100 USD.

Inflation is very high, Bolivares lose value each day, so people use crypto to avoid that. Also, people receive remittances from abroad, exchange mining profits and so on (big mining comunity, as electricity is free..)

Some sources:

https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/

https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela

https://coin.dance/volume/localbitcoins/VED/BTC

https://coin.dance/volume/localbitcoins/VED

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/

https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/