Kriptokoin.com – Volumes have jumped the price of Bitcoin in LocalBitcoins in Venezuela after registering an astonishing increase of 2,492 percent in the last twelve months. But this has made the South American economy the fastest growing but probably the most expensive Bitcoin market.
Weekly LocalBitcoins volumes in Venezuela – Source: CoinDance LocalBitcoins in Venezuela
Bitcoin price jumped! $ 3,580 premium
According to CoinDance, weekly volumes rose from 13.7 billion Venezuelan bolivar ($ 55,533) in mid-January 2019 to 363 billion bolivar ($ 1.46 million) at the end of last week. Last week, it was one of the platform’s biggest records and saw a 38 percent boom compared to the previous week. This reveals that the platform sees the highest premiums for Bitcoin in the world. Local Bitcoins in Venezuela are not currently under $ 9,401 (about $ 1,300 premium compared to the spot price) in Venezuela. In addition, a Bitcoin vendor in the country is offering a price of $ 11,687 (premium of $ 3,580) per BTC.
The strong growth of Bitcoin volume in Venezuela can be seen as another confirmation of Bitcoin’s reputation as a censor-resistant value store. LocalBitcoins (LBC) is only a fiat-crypto exchange and is generally considered the ideal platform to facilitate BTC purchases without speculation. It is also one of the most important exchanges that regularly publish trade volumes for a given country.
Bitcoin’s reputation as a censor-resistant value store is another
Indeed, a more comprehensive analysis of LocalBitcoins data shows that the first crypto currency has an extremely high level of adoption in countries with low economic freedom, such as Venezuela. This story is more convincing when you look at trends in other exchanges. Last year, Bitcoin reached record levels in Argentina, shortly after the government took control of capital. For other critical news about crypto currencies, see our article “Critical Warning for Bitcoin from JPMorgan Analysts..
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