Bitcoin

Argentina and Venezuela : their trading volumes in Bitcoin reach a new record

14 November 2019 by Océane

The Bitcoin (BTC) has the wind in its sails. He signed a new record on the market argentinian and venezuelan in recording historic highs.

Transactions in Bitcoin are capped on the two markets are very monitored

Trading volumes in Bitcoin in Venezuela and Argentina have recorded a record unprecedented over a period of seven days. According to the statistics of Localbitcoins, the two governments which today are going through a difficult economic period benefit from a market of crypto-currencies to be flourishing.
Incoming and outgoing transactions in Venezuela, equivalent to a total of 142,9 billion bolivars sovereign (VES) on a week while Argentina has exchanged nearly 19.4 million of pesos (ARS) over the same period.
However, the policy changes which only add to the precariousness of argentina’s economy, and the inflation is raging in several areas including Caracas and Buenos Aires. A few days ago, the central bank issued a decree prohibiting the purchase of Bitcoin and altcoins by credit card.

The Petro in Venezuela

Venezuela is always prey to the criticism regarding the Petro, the crypto-currency of the country introduced last year.
Mauricio Di Bartolomeo, the co-founder of the startup Bitcoin finance Ledn, summarized the situation on 7 November, stating :

“Printing money without value physical is expensive and presents logistical challenges. This is the reason why Venezuela is moving towards the “Petro” – to push out the savings in real time, without the costs of printing “.
Moreover, ” the Petro venezuelan is everything against what the Bitcoin is fighting “, he added.

Also, the government absolutely needs to sell petroleum products mixed because of the impact of u.s. sanctions that it bears.
While the oil revenues of up to $ 5 billion per month before the financial crisis, they remain barely above the bar of $ 250 million at the time of writing of this report.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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