Even with the dip, 33 BTC were traded in Venezuela last week only using LocalBitcoin. Up from 25 BTC last week. Monthly minimum wage is around 24 USD. One BTC is around 162,000 Bs. (Bolivares)

Hi guys.

Venezuelan "living" here.

I keep track of the traded amount in BTC/ Bs. (Bolivares, our currency), now around 100 BTC are traded monthly. Years ago that number was so high, over 2,000 BTC weekly in 2019! That would mean 8,000 BTC in one month in 2019 (February). These numbers are only with LocalBitcoin that works here and has public stats.

The amount has been decreasing because the usage of new exchanges like Binance, AirTM, Reserve among others. Binance is king you can go from Bs. to any cryptocurrency, a nice way to escape inflation!

One USD is 5.4 Bs. (Bolivares, national currency) and one BTC trades around 162,000 Bs. (last week these numbers were 4.7 Bs and 160,000 Bs.). Seven months ago, six zeroes were removed from the currency by the goverment, before that we had a lot of zeroes, one USD would have been 5,400,000 "old" Bs.

There is something happened with the exchange rate, the official rate is 4.8 Bs. / USD and the street rare went up to 5.4 Bs. / USD, for the last months goverment managed to keep the almost pegged.

Monthly minimum wage 24 USD (down from 28 USD), average wage is like 70-80 USD a good wage for a manager is like 200-300 USD. Some NGO says to live one 5 members family needs around 500 USD. Last year inflation was 700% (down from like 2,000,000% years ago).

As I said before, mining here at low scale (like with GPU) is a dream, I haven't paid anything for electriciy for several years (this is common for residential places), I wish I had money haha.

Some good articles:

https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/

https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/

Any question? Let me know and AMA!

Sources:

https://coin.dance/volume/localbitcoins/VED/BTC

https://coin.dance/volume/localbitcoins/VED

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/