Even with the dip, 47 BTC were traded last week in Venezuela measured only using LocalBitcoin, an increase of 11 BTC from last week. One BTC trades at 185,000,000,000 Bs. (Bolivares). Monthly minimum wage is around 2.4 USD. Six zeroes to be removed in a few weeks.

Hi guys, as you know I'm a Venezuelan living here.

We are talking about 2,000,000 USD traded weekly (BTC - Bs. - USD) in a country where minimum monthly wage is around 2.4 USD and average monthly wage sits around 70-80 USD, seems to be an important amount in my opinion.

As people always ask, problem is that not enough to live, so coming here (also highly dangerous) with 100 USD monthly won't make you live as a millonarie (well, technically a millionarie in Bolivares hehehe, here everyone is a millionarie as 1,000,000 Bs. is around 0.25 USD)

LocalBitcoin is not the king when it comes to trade, it's Binance but they don't post their stats, I'm sure the amount Binance trades is MUCH higher. Other exchanges used here are AirTM, Uphold, Reserve and others.

In three weeks (1st of October), six zeroes will be removed from the currency. So 1,000,000 Bs. (current) will be 1 Bs. (new). Of course, it doesn't stop inflation. Prices will be divided by 1,000,000 but wages too!

AMA!

Some sources:

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://www.bloomberg.com/news/articles/2021-07-01/venezuela-to-cut-six-zeroes-off-bolivar-to-simplify-transactions

https://translate.google.com/translate?sl=es&tl=en&u=https://www.descifrado.com/2021/04/13/ovf-el-460-de-las-remuneraciones-del-sector-privado-se-pagan-en-dolares/

https://www.caracaschronicles.com/

https://coin.dance/volume/localbitcoins/VES/BTC

https://localbitcoins.com/buy-bitcoins-online/ves/

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

submitted by /u/WorkingLime
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