Just updating from Venezuela, last week 27 BTC were traded only measured using LocalBitcoins!

Hi, I how are you doing? I like to post this here in the Bitcoin subreddit!

Hi crypto friends, it's me just updating this week data.

This week has been crazy, exchange rate went up and now monthly minimum wage is less! Also Central Bank released the inflation data:

• September - 28.7 %
• Octobre - 6.2%

This is MONTHLY!

Monthly minimum wage at 130 Bs. at the street exchange rate (9.68 Bs. per USD) is around 13.4 USD MONTHLY at the official rate (8.6 Bs per USD) is 15 USD MONTHLY. Average wages are around 100 USD monthly.

One BTC trades around 207,000 Bs. (Bolivares)

This is only a gauge using LocalBitcoins as they have public stats. Others exchanges used are Binance (the king), Reserve among others.

People use crypto to escape inflation (even stablecoins), to receive remittances from family abroad and also to exchange and trade as worldwide (adding the fact that mining here is really cheap, as electricity so far is free). Years ago having anything different that Bolivares (which is crap) was a felony!

https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/

https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela

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

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

https://localbitcoins.com/country/VE

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