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With the crisis in Venezuela and inflation out of control, bitcoin has been gaining adherence in the country. The LocalBitcoins platform had a volume of bolívar soberano commercialized 7.8 times greater than the Stock Exchange of Caracas. This information was provided in the first weeks of February by RendiValores and Coin.Dance.

Venezuela is one of the countries with the highest trading volume in LocalBitcoins worldwide, according to an article published in Criptonoticias portal. And it is one of the most active countries in the crypto ecosystem at the regional level. In January 2019, the volume traded on the platform reached 8,319 BTCs

Besides a safe option to escape the inflation of the country, bitcoin has also been used with a unit of measure for the exchange of bolivars for dollars. Therefore, the cryptocurrency has allowed the Venezuelan people to try to carry on with their lives despite the crisis. Besides that, Venezuelans send and receive bitcoins in international transactions. They thus avoid the barriers imposed by the Maduro regime.


At a recent meeting, Transfero CEO Thiago César and DataDash founder Nícholas Merten discussed the situation in Venezuela. For both experts, this asset class is a way of bringing democracy where it does not exist, because it allows citizens to break the chains of tyrannical governments.