If you switch the figures on coin.dance of the trading volume on Localbitcoins from Venezuelan Bolivars to BTC, you will see the whole picture.
The fact is that trading volume is not increasing at least on localbitcoins, in terms of BTC terms.
I honestly don't know whether this is because of the fact that Venezuelans simply can't afford to buy more BTC due to depreciation of their fiat currency, general disinterest, or their government wanting to push their centralised crypto.
Squatter raises a valid point, that most venezuelans most likely only want USD. It doesn't give BTC any less credit, imo, as it is the currency allowing them to do so.
The fact is that trading volume is not increasing at least on localbitcoins, in terms of BTC terms.
I honestly don't know whether this is because of the fact that Venezuelans simply can't afford to buy more BTC due to depreciation of their fiat currency, general disinterest, or their government wanting to push their centralised crypto.
Squatter raises a valid point, that most venezuelans most likely only want USD. It doesn't give BTC any less credit, imo, as it is the currency allowing them to do so.
I'm not even sure the minimum wage is equivalent to $1/month anymore. Between the erosion of the bolivar and massive capital flight to safety, there just isn't much money left for speculative assets like BTC.
Also, if you have BTC in Caracas, do you really want to sell it for bolivars?!
Venezuelans need stability more than anything. I figure they're not looking an asset that can make them money. They just want to put their money into something (like USD) that won't lose half its value (or worse) overnight.
