33 BTC were traded last week in Venezuela only using LocalBitcoins. Monthly minimum wage now under 7 USD.
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://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/) [*https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela*](https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela) [*https://coin.dance/volume/localbitcoins/VED/BTC*](https://coin.dance/volume/localbitcoins/VED/BTC) [*https://coin.dance/volume/localbitcoins/VED*](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/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/2022/04/21/is-venezuela-doing-better/) [*https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/*](https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/) [*https://localbitcoins.com/country/VE*](https://localbitcoins.com/country/VE) [*https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/*](https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/)
I see you posts weekly. If there a chart you can link to this with number of BTC and min wage over time ?
thank you for the update!!!!!!!!
Jesus Christ $7! Maybe i can find a partner there that wont shame me for not making $300K. Women in the US are delusional. They think most men make $200-$300K. Thats like 1%…. I just need to get a dog.
How is anyone able to survive e that mininum wage. It really depresses me for the people and your country. I hope more money flows back there for people with family elsewhere. Or more travelers, or to do business if it makes sense. But I wonder how a government can be this shitty!! 🤣