Venezuela the financially troubled nation has seen a significant surge in Bitcoin transactions over the year as the financial crisis in the country intensifies. Venezuela was plagued by hyperinflation due to the incopetent banking system and corrupt governance. The hyperinflation was so bad that it tumbled the value of national fiat, making it useless. As of today, Venezuelan citizens are dumping the paper fiat on roads as it is not even the worth the paper it is printed on.
Venezuelan government tried launching the national bank issued crypto in the form of Petro, however, the hurriedness and no proper planning behind the digital token made it a failure, where many analysts even went onto call Petro as money laundering scam.
Bitcoin Came To The Rescue
Venezuela was among the richer countries of the world due to ample oil reserves, but the decline in prices of crude oil led to an economic break down as the country was too dependent on its oil reserves. After a failed economy and a disastrous native crypto project, the doom was almost certain for the country, however, Bitcoin came in as the savior.
The statistical data and trading volume form the country suggest that people have more trust in Bitcoin than government issued Petro. The Bitcoin trading volume in the country has already surpassed the trading volumes of traditional assets.
The Bitcoin trading volumes in Venezuela on LocalBitcoins now stands at
almost 40 billion bolivars as we close in on another weekend.
Venezuelans are Out On Streets to Change Their Fates
Venezuela has become more of a dictatorship regime amid the financial crisis, and people are finally coming out to protest against the monopoly and injustice caused by the current president Maduro. The protest is being spearheaded by young Guaido who also boasts of military support.
Maduro currently is running the state like a dictator with all his relatives holding the key positions in the government. The outrage and protest headed by Guaido have also the backing of many right-wing governments in the world including the United States of America. However, it would be an uphill task to remove Maduro and the outcome could be either Maduro getting overthrown or Guaido being imprisoned.