Bitcoin trading is increased by 1.3 million the records of past week trading in Venezuela and now it seems to be increased further due to the devalued bolivar the national currency of Venezuela.
Where some countries are still having doubts to announce the cryptocurrency legal and people are struggling between the fiat and digital currency for investment. Venezuelans have moved forward in using bitcoin to fulfill their daily needs because they don’t have other options to come up as their fiat currency Bolivar has been thrashed badly in the market due to which the economy of Venezuela became unstable. According to the coin. dance charts the bitcoin trading has been reaching a topmost high in a few months.
The fiat currency of Venezuela (Bolivar) has lost its value due to which Venezuelan are adopting the use of bitcoin. The huge difference has and the gap is built into the market price of goods and service and the price people had to pay. Even the exchange rate of the dollar with Venezuela, nation’s currency got lot difference official and in black-market.
The Venezuelans have to pay 10,000 Bolivars just to buy food parcel provided by the Venezuela government for people to feed their family. Currently, the 10,000 Bolivars equals to $2. The failure of the national currency is the reason why Venezuelans are so rapidly adopting bitcoin.