[2019-12-18] In Venezuela, buying up bitcoins, the rate is close to $ 9500

[MikejustMike]

I came across one of the forums. Your opinion will be interesting. https://www.reddit.com/r/Bitcoin/comments/eamndm/in_venezuela_buying_up_bitcoins_the_rate_is_close/

[Kprawn]

The same thing happened in other countries with hyperinflation. In Zimbabwe the price of Bitcoin was almost 100% higher than it was in other

countries, because there was a higher demand on the local exchanges than on other global exchanges. The price of Bitcoin is not the same in all

countries all over the world, because the Bitcoin price are determined by using the Bitcoin price on local exchanges. This also happened in Greece

when they had problems with their local economy. 

[CryptoBry]

I came across one of the forums. Your opinion will be interesting. https://www.reddit.com/r/Bitcoin/comments/eamndm/in_venezuela_buying_up_bitcoins_the_rate_is_close/

When there is a big demand and under very difficult circumstances, there is always that tendency that the price of a certain item can be going up higher compared to the normal price elsewhere. In Venezuela, this is quite true as there is a growing number of people who are using Bitcoin in order to access goods from neighboring countries. This has become a big part of the many ways and means to survive in a very harsh economic condition these people are in. I am always saddened hearing the travails and big challenges people in this country are facing everyday. In similar countries also having economic hardships, people are paying premium price for Bitcoin. I am hoping that Venezuela can soon solve the myriad of problems it is facing and that the people in government will be embracing the people and not just get busy to enrich themselves and keep their position of power for eternity.

[1Referee]

I am hoping that Venezuela can soon solve the myriad of problems it is facing and that the people in government will be embracing the people and not just get busy to enrich themselves and keep their position of power for eternity.

Don't expect anything from a government that rotten. People have to stop waiting for help and act on their own to improve their situation. It's easy talking for me, I know that, but the best people can do is buy into whatever they can get their hands on that isn't tied to their government. Bitcoin, Dollars, Gold, jewelry, etc.

What has the Maduro regime done for Venezuela other than making everyone in the country lose more purchasing power and starve a lot of people to death? Nothing. What can we realistically expect from Maduro moving forward? More of the same. In other words, if you don't act now, you'll regret it and you have only yourself to blame for not having done anything.

[InvoKing]

The same thing happened in other countries with hyperinflation.
...
This also happened in Greece when they had problems with their local economy. 

This is a good thing for bitcoin and people there although their number is very limited. Almost 90% are poor and unable to find proper food and clothes.

[eaLiTy]

You have to look at the financial situation of these countries too where BTCitcoin price have a premium valuation that the other exchanges in the market, countries who are struggling from hyperinflation does have a premium valuation and countries like Venezuela, Argentina, Sudan and there was a time when countries like South Korea, Japan and India have a premium valuation and it might not be because of hyperinflation but because of the high demand and when China banned BTCitcoin trading the exchanges from Hong Kong was trading at a premium rate and so does many other countries.

[rdbase]

Not surprising there is such a mark up in price since there is a high demand for it.
Those who have it and are selling are just exploiting it at the right time.
It is a businessman who will come out on top of this one when the dust settles.
Another exchange opens up in venezuela?

[MikejustMike]

The source of this news is some company, a site in Spanish, does not resemble a stock exchange. I wanted to take advantage of the difference in rates, but there is news on the site that says About blocking access to the exchange due to the frequent cases of manipulations with bitcoin. Here's how to get this access? There is no registration on the site.

[bbc.reporter]

This clickbait news already has a thread.

https://bitcointalk.org/index.php?topic=5209744.0

[hugeblack]

The matter is not different between Bitcoin and any other currency, it is inflation resulting from the local currency and therefore I do not know why it was linked with Bitcoin.
For example in Iran, there is more than one currency exchange rate and in Zimbabwe and other countries.

So I think the price is $ 7,400, but the exchange rate varies as the Bolivar has two exchange rates.

[Theb]

The Reddit post didn't really dive in to what is the reason why the price is going that high for Bitcoin, frankly the headline only serve as a clickbait for the whole post about Venezuela's financial situation. If I'm guessing why the prices got that high in Venezuela I would suspect the reason of citizens still living in that country cashing out their worthless Bolivar to Bitcoin that's why the prices have skyrocketed at present. With their crypto market having a different situation I would expect them to have a higher demand compared to what we have and also the risk factor of accepting Bolivar that's why the prices are going high compared to what we are having in the global market.

[Kyraishi]

It's honestly not surprising at all given the fact that Venezuela's entire currency situation is quite dreadful, to be completely honest.

When you have a country with so much capital controls and totalitarian government of the currency supply, you will find that people will be willing to pay a premium even in unofficial exchange rate terms for currencies that are freely tradeable on the market. Especially BTC, as it embodies liquidity the same way cash does.

Same thing goes with other countries like India and Korea if I'm not mistaken. As well as some African states with strict capital controls.

[secone]

why bitcoin and cryptocurrency very popular in crisis country?
like at Iran right now, i think people who save their money in bank will join to buy bitcoin and save is as for asset, to avoid "falling country" and "falling of country currency value"

[InvoKing]

why bitcoin and cryptocurrency very popular in crisis country?
like at Iran right now, i think people who save their money in bank will join to buy bitcoin and save is as for asset, to avoid "falling country" and "falling of country currency value"

People always try to find a secure place to hide their money in, even without war. Some try to convert his money to gold, other in stock market using complex ways, others by purchasing lands or valuable materials...etc
People in countries with crisis, try to don't rely on local currency alone but to diversify its assets. While the wealthiest has many choices, poorer people (young generally) have barely few options including Bitcoin

[audaciousbeing]

I came across one of the forums. Your opinion will be interesting. https://www.reddit.com/r/Bitcoin/comments/eamndm/in_venezuela_buying_up_bitcoins_the_rate_is_close/

Isolated situations such as this is very common as it relates to crypto. We have seen happenings such as this in Brazil, I have read about Korea, Zimbabwe and now Venezuela. So, its not a big deal any longer because they have proven to be mere temporary increase in price which is not sustainable even to the point that it cannot be replicated to the entire market. Eventually, it will normalises without much ado.

[zakoliverz]

Venezuela is currently suffering from hyperinflation, which may force the country to take Bitcoin .

[Kounter]

I think it's temporary, nothing can last forever