Venezuela has been under economic depression for a long time. In addition to the economic depression, thefts and murders have increased considerably in the country, which is shaken by corruption. >
In this economic depression, it was known that many Venezuelans started to invest their money in Bitcoin. Even a Bitcoin exchange was opened in Venezuela.
Bitcoin volume doubled in Venezuela
According to the report published by Bloomberg this week, the demand for cryptocurrencies in Venezuela continues to increase. Bitcoin volume this week has surpassed $1.3 million, almost double the level of two months ago.
The volatility of cryptocurrencies is minimal compared to the country’s devaluation (6000 Bolívars is $1).
Cryptocurrencies are seen as a simple and secure solution to the need for stable currencies in countries where the value of currencies is destroyed by government practices, as they are not tied to a centralized system.