26 BTC were traded last week in Venezuela! (Only measured using LocalBitcoin) where monthly minimum wage is around 2 USD and average wage is around 80 USD monthly! This is after six zeroes were removed from our currency (Bolivares, Bs.) in Oct. 2021 by law.

Hi guys, as you know I’m Venezuelan and live here in the country, crypto enthusiast!

I have been posting these updates for more than 3 years, way before moons.

Still around 100 BTC monthly, a good amount but way lower what we were used to years ago, like 2018-2019 (easily over 500 BTC monthly).

Remember is measurement is only with LocalBitcoin, which is still very popular and used here. There you can purchase BTC with Bolivares (Venezuelan currency, Bs.) and sell BTC for Bolivares. But LocalBitcoin is not that used anymore, the king of the exchanges here is Binance. Reserve, AirTM and others are used too.

Sadly, none of these post they public stats.


* Exchange rate is 1 USD is 4.5 Bs. (would have been 4,500,000 “old” Bs. pre2021)
* This is the third time zeroes are removed. First was in 2008 where 3 zeroes were removed, then 5 zeroes in 2018 and now 6 zeroes in 2021. 1″current” Bs. would be 100,000,000,000,000 “pre2008” Bs.
* Yes, it is true! Monthly minimum wage is 2 USD that is for public workers and they receive some kind of incentives (a monthly box of food that is around 20 USD), you cannot live with that. If that is you only income, you died years ago starving or your family is helping inside Venezuela or from abroad or you have another job or you left the country (even walking).
* Some NGO say around 500 USD monthly are needed for a 5 members family to “live” [
* Average monthly wage is around 80 USD (Monthly). A Manager is around 210 USD (monthly). [
* There are in fact so many places (department stores, big ones like Traki, Biomercados) where you can pay directly with crypto. People always use stablecoins like “USDT” (what a fear), USDC, BUSD, AirUSD and so on.
* 2021 inflation was around 700%, way lower than 2018′ more than 1,000,000%.
* I always try to get some works here (like translations) and even moons are part of my income (trying to hold them for the next distribution to cash out).

Any question please! Do it! I like to answer them.

Some sources:





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21 thoughts on “26 BTC were traded last week in Venezuela! (Only measured using LocalBitcoin) where monthly minimum wage is around 2 USD and average wage is around 80 USD monthly! This is after six zeroes were removed from our currency (Bolivares, Bs.) in Oct. 2021 by law.”

  1. It’s crazy how some countries economies are this terrible.

    I hope the crypto market is able to financially liberate the people of Venezuela.

  2. How do Venezuelans even survive?
    When the 2008 inflation hit my country and doubled the price of everything, I had to line up to various government stations to buy food.

  3. So major domestic stores accept crypto in Venezuela?

    Are there international companies that accept it there as well?

    Either way, we’re early….

  4. I remember the good ol days of buying bitcoin on localbitcoin. I used to find a good vendor, take my cash to the bank of their choice (usually it was a wells fargo, chase, etc) make a deposit into their account. Take a picture of my passport with a selfie next to my passport and pray to the gods up above that I would receive some bitcoin at the end of all of this. Sure enough, 2-3 hours later I’d have some bitcoin.

    Times have changed, for the better of course. Now I can buy bitcoin as soon as I see the price alert, in my bed and have it in my account all before my coffee is made.

  5. How do you transact bitcoins when monthly minimum wage is less than the transaction fees? Do you use other crypto with no fees for example Nano?

  6. So let me get this straight: only 4 million USD worth of Bitcoin are traded monthly in a country of 28M people and very few of them convert Bitcoin to USD backed stable coins in order to use them at some stores. Call me not impressed.

    You might as well start accepting USD or EUR in stores. That would have the advantage that you can use actual cash money that doesn’t rely on electricity or the internet to work.

    Cryptocurrency won’t solve the under-lying problems of over-reliance on oil exports, price controls for basic goods, foreign currency controls. and a power structure that does not have the trust of the people.

  7. This monthly wage is very low, is there a Web page to post to, to hire people from your country for things like programming, we pages etc?

  8. So why people of Venezuela use Bitcoin with a volume that low? Do most people over there still use their local currency? Or what?

  9. I remember when I used to play tibia, there were a lot of Venezuelans that played the game to survive. I remember when some friends were negotiating some real life stuff on discord. Their currency of choice ?

    Tibia coins.


    And it isn’t even crypto. I can only guess how bitcoin is important for them


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