Hello there, simply posting this right here too:
As you already know I am Venezuelan dwelling right here and have been posting this for nearly 5 years now.
Change price went loopy from round 13 Bs. (Bolivares) per USD to 18 Bs. per USD. Official price is round 14 Bs. per USD.
So devaluation and inflation, extra BTC buying and selling.
Month-to-month minimal wage is 130 Bs.
As I at all times say, this doesn’t suggest that is the entire quantity traded within the nation, simply traded in LocalBitcoins (which isn’t a lot used anymore). Kings of change/trades are Binance, AirTM, Reserve and others.
LocalBitcoins had a quantity over 2000 BTC years in the past.
One BTC trades round 315,000 Bs.
Goverment has eliminated 14 zeroes from the foreign money. One present Bs. would have been 100,000,000,000,000 “previous” Bs. So one BTC would have been 31,500,000,000,000,000,000 “previous” Bs.
Folks use crypto to keep away from Bolivares, receives a commission, pay thingsm change revenue from mining (electrical energy is “free”) and likewise obtain remitances from overseas.
Any query, let me know.
Some sources:
https://www.reuters.com/expertise/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/
https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
https://coin.dance/quantity/localbitcoins/VED/BTC
https://coin.dance/quantity/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/nation/VE
https://www.bloomberg.com/options/2016-venezuela-cafe-con-leche-index/
