Soaring BTC trading volumes in Venezuela and other inflation stricken countries

[HardFacts]

Obviously, because Venezuela's Bolivar has no value at all, they just hedge their wealth to cryptocurrency such as Bitcoin.

Wouldn't gold or silver be a better way to hedge?  That's what people usually buy if they're looking to preserve buying power.  Bitcoin's volatility alone makes it not such a good choice for that purpose.
[/quote]

In Venezuela you can buy a house with an ounce of GOLD, and you can eat for MONTHS for an ounce of silver.  Not is Gold and Silver only a hedge, its value SKYROCKETS in cases of hyperinflation like is happening in Venezuela.

Gold and Silver have outperformed Bitcoin in Venezuela thousands of times over. 

So you are VERY WRONG saying Gold is just a hedge in Venezuela, it is a way to be extremely wealthy in that environment.

Hard Facts

[th3nolo]

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The increase in the exchange of bad money for good money, but in terms of dollars remains at about $800K per day.
You can verify this information for yourself by using yadio.io

[LUCKMCFLY]

~snip~

The growing volumes of Bitcoin in Venezuela will continue to increase, and it should be emphasized that it is not a country in which all its people have knowledge about Bitcoin, many speculate based on the dollar and local money, everything is sold in dollars and the government issues its payments in local currency and has a very low value.

Due to the lack of knowledge of Bitcoin, those who know are the ones that move the market in Localbitcoins, they are usually people or companies that only dedicate themselves to trading, since the in general  production is at very low rates.

Now, with the information they have about the failed petro, people are beginning to know more about the technology, they will gradually reach Bitcoin, the road is easy, so the volume will increase due to the degree of knowledge and as inflation increases , the adoption will be a fact.

[Leonardo7]

Bitcoin trading is a good way to escape a bad economy in a poor nation or troubled economy, for example in my country, I get a daily message of youth and teenagers wanting to learn about bitcoin investment after seeing how bitcoin is uplifting people from poverty and increasing their purchasing power.

[johnwest]

I dont think its common Joe whose trying to trade in a country like Venezuela, rather its the middle men who are making profits from legal/illegal ways and taking their money offshore. It will be impossible for them to use the Dollar so crypto might be the best way to get their money out. We have already seen that the Venezuelan population is making very little to no money and its hard for them to even fulfill the daily needs.