Venezuela is seeing a significant increase in Bitcoin trading.
In the midst of severe economic struggles, the Latin American country is seeing a surge in Bitcoin acquisition. According to figures from LocalBitcoins.com, a good metric for across-the-board buying and selling activity, trading has more than doubled over the last month.
While Bitcoin remains illegal in Venezuela, desperate times call for desperate measures as citizens, seeking some refuge from hyperinflation and worsening economic conditions, flock to digital currencies rather than government money.
Venezuela’s worsening economic nightmare
The economic situation in Venezuela continues to worsen. Failed governmental economic policies have caused severe shortages, inducing hunger with the populace.
The food shortages have extended to every level of the economy, famously affecting zoo animals, who have starved to death due to the shortages.
As the food shortages deepen, the Venezuelan government has issued a decree forcing citizens to physical labor in farms for up to 60 days, possibly longer.
Done under the auspices of an emergency, this decree has been condemned by human rights organizations such as Amnesty International, which claims that this move is a ploy to solidify power under the Venezuelan military.
Bitcoin trading up across the board in countries facing economic challenges
Venezuela’s increase in Bitcoin trading volume is not alone among the world’s struggling economies.
Russia, despite continuing legal issues, has seen a growing volume increase in LocalBitcoins trading even while the country’s economy lingers in a recession.
Malaysia has experienced a similar growth in trading, contrasting with its own slower economic growth.
Finally, while more erratic and undergoing a recent dropoff, Kenya’s Bitcoin trading has also seen a strong rise.