Topic: Bitcoin Price Increases 30% In Venezuela Due to Currency Devaluation (Read 678 times)

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I remember a few guys got caught by the Venezuelan police a couple of years ago when they had been mining Bitcoin. They were accused of smuggling computers and computer accessories, if I'm not mistaken...

Who knows what's become of them?


Bitcoin rises that much only in respect to their local currency, the Venezuelan bolívar. In other words, it is the latter that depreciates, i.e. loses its purchasing power, and not Bitcoin which appreciates against other currencies (e.g. the US dollar)

I agree, though almost world currency is peg on dollar, still if you are using it locally the outcome is the same as you have to convert it in your local fiat money. That's good for the bitcoin earner in Venezuela country as their earning is 30% more on local currency value.

How come it only rises within Venezuela because I thought that Bitcoin would be over the whole world the same or is that so because I do not understand it know.
I was reading a part about it but to be honest I do not understand as much can somebody explain to me in a easy way so I can understand it.

bullshit, this is a fake news

Depends on whether or not the price means that the purchasing power went up or if it stayed the same. If the value increases 30% but the purchasing power changes 0%, there is no really meaningful increase here.

The jump doesn't surprise me considering what they're doing to their currency. A ton of people are suffering because of that shitty government.

when you have chaos with FIAT national currency, you must start to use the bitcoin as it ... with his proper value to buy vital ressource like food, toilet object and water/electricity.

thaht's why bitcoins are very essential to the seller to buy imported goods with the price from the initial country.

bitcoins values are perfect for this.
to acheive a new scale for value in a destroyed economy.

O.O
People need to compare with their own fiat currency, or they have to buy dollar with their fiat currency and well, at the end you go with the same result.

Btw Venezuela government is a joke.

i think we should not compare the price of bitcoin  with a local currency but it is better to compare it only with USD or Euro as bitcoin itself is a universal currency and it has its same value in all round the world.

Annualized inflation can't be 1.108% or there would be no issue.

 In Canada, annualized inflation is 1.35%
 In USA, annualized inflation is 1.10%

 Is the inflation rate in Venezuela one thousand one hundred and eight percent?  That would make more sense if they are calling it a crisis.

 It's no surprise; all they really ever had was oil and look what happened to oil.  Couple that with a prolonged drought and no government of any political stripe could look good in that environment.  Citizens should certainly look into buying Bitcoin, or gold, or any other currency... hell even stocking up on food if there is any.

Venezuela, the South American country famous for its cheap gas (fuel) prices, has experienced a surge in both Bitcoin volume and price.

The country is in the middle of the worst economic crisis ever seen in its recent history. According to the Venezuelan consulting firm, Ecoanalítica, the country’s annualized inflation reached the 1.108% mark.

The Venezuelan government has unofficially banned the country’s central bank (BCV) from releasing economic indicators such as inflation figures and price indexes. After much pressure from banks, consulting firms, and other institutions, the BCV reported an 180.9 percent inflation for last year.

Consulting firm, Econoanalítica, criticized the methodology used by the BCV to calculate inflation. BCV altered the weight of several goods and services used to “embellish” the figure.

Amidst this grim landscape, bitcoin has gone through highs and lows. In Venezuela Bitcoin and other currencies prices are calculated using the unofficial black market rate. Traditionally, a website named Dolar Today has been used as the country’s market reference. However, its rate has slowly lagged behind. In consequence, many OTC transactions between private financial entities and individuals have ignored the 1,092 VEF/USD rate.

The bitcoin price has gone from 650,000 VEF per bitcoin two weeks ago, to yesterday’s 850,000 VEF/BTC high. This accounts for a 30% increase in less than 2 weeks. Dividing the local bitcoin price with the international one gives us a rate of approximately 1377 VEF/USD, a 22% increase compared to Dolar Today’s rate. The volume has also been consistently making new highs on LocalBitcoins alone, with over 243 bitcoins transacted in the past week.

http://themerkle.com/bitcoin-price-increases-30-in-venezuela-due-to-currency-devaluation/