Bitcoin has no doubt seen a significant increase in volume that is practically pushing its price up. In Venezuela, Bitcoin has reached its all-time high Bitcoin trade volume this week according to Bitcoin weekly charts.
Bitcoin saving Venezuelans
The Venezuelan economy has crumbled due to its nation’s hyperinflation which is said to have increased to 1,300,000 percent annually. This has forced Venezuelans to turn to cryptocurrencies especially Bitcoin for relief. Also coupled with the U.S sanctions on the country, Bitcoin has become its major currency for international trade on the global market and as a store of value.
A Bitcoin airdrop was also recently held to help Venezuelans get by after what inflation did to their currency the Bolivar. The airdrop raised up to $1 million dollars as an aid for Venezuelans by wallet platforms AirTM and artist crypto graffiti. All these have significantly contributed to raising the Bitcoin volume and encouraged trading in Bitcoin which eventually raised the volume to the all-time high this week.
What it means for Bitcoin
Although Bitcoin has gained substantial acceptance, the increasing volume in Venezuela alone is an indication that more countries will soon turn to the asset when their currencies fail. It also shows that Bitcoin has a very high chance of growing substantially in the future thus increasing the chance of a bull run that has already been predicted by many experts and experienced traders. If inflation continues, Bitcoin may eventually become Venezuela’s main currency in the near future.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu