Hyperinflation has turned Venezuela into one of the hotspots for cryptocurrency mining and usage. The trend is highlighted by the exponential growth in LocalBitcoins purchases, as CoinDance data shows.
The weekly purchase volume surged from 6 trillion to 24 trillion bolivar in the past two months. The trend is obvious although the purchases are relatively small based the market price of the depressed Venezuelan currency.
Even more curious is the disparity in prices for Bitcoin. Because of the fluctuating bolivar, it is hard to determine the amount at which BTC is sold. The buying and selling prices on LocalBitcoins may, in fact, be highly inaccurate.
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