While the Venezuelan bolivar lost more than 25% of its value, 33 BTC were traded last week here using LocalBitcoin (Monthly minimum wage currently at 16 USD)

Hi guys, Venezuelan "living" here.

I have been posting this for the last years also I usually post in the cryptocurrency subreddit but like to post it here as the main currency talked here is the BTC, also some people stay in this sub and avoid the cryptocurrency one!

Last week exchange rate increased from less than 6 Bs. per USD to almost 8 Bs. per USD.

Monthly minimum wage has been a wild ride, from 1 USD monthly to 30 USD and now around 16 USD.

Average wage is around 100 USD monthly.

For weeks now the average BTC trade is around 30-35 BTC, remember this is only measured using LocalBitcoin not because I want, they are the only ones that make stat public. Binance, Airtm and Reserve are also used here. Years ago the value reached 2,000 BTC (in one week)

One BTC is around 160,000 Bs. (Bolivares) right now! Almost a year ago government removed by law 6 zeroes, so it would have been 160,000,000,000 "old" Bs.

People use crypto to escape Bolivares, also some people receive remittances from abroad like that, and miners to exchange they payments (as electricity is technically free).

Some sources,

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://coin.dance/volume/localbitcoins/VED/BTC

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://localbitcoins.com/country/VE

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

submitted by /u/WorkingLime
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