32 BTC were traded last week in Venezuela measured only using LocalBitcoin. Monthly minimum wage is now less than 23 USD.

Hi, as you know I’m a Venezuelan living here in the country.

I have been posting these stats for years.

LocalBitcoin is only used as one of the measurements because it makes public its stats. Binance is way more used, same Reserve, AirTM among others.

Last week it was 35 BTC, so a 3 BTC drop.

Monthly minimum wage is 23 USD (It’s 130 Bolivares “Bs.” and exchange rate is 1 USD = 5.8 Bs.), average is around 100 USD.

People “survive” at the bare minimum.

There are no zeroes anymore because 9 months ago, government ordered removing six zeroes from the currency by law.

* They did that before in 2018 (5 zeroes)
* And 2007 (3 zeroes)

People use crypto to get rid of Bolivares and escape inflation, also to receive money from abroad, exchange their mining profit (mining here in theory is legal, but not safe anyway, electricity is free but unreliable), here mining even with old S9 and GPU will be profitable.

Any question, let me know!

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23 thoughts on “32 BTC were traded last week in Venezuela measured only using LocalBitcoin. Monthly minimum wage is now less than 23 USD.”

  1. I understand some points of people that hate crypto religiously but this right here is a major plus point for crypto

    Reply
  2. I have some questions: Is leaving Venezuela legal? If yes, how hard it is to leave and did people move out a lot or not? I imagine if people invest in crypto main reason must be to save enough to move out somewhere else, cause obviously nothing will change soon.

    I am european, so with our 10% inflation I consider moving out of UE after finishing Uni, can’t imagine how much worse it is in Venezuala, where money are literally worthless.

    Reply
  3. People have talked about bitcoin and crypto I’m general as an inflation hedge for a while, but in my opinion we’ve not really seen that in the US and Europe yet. From what you’ve said Venezuelans are using it that way, which makes a lot of sense. I’m curious how bad did inflation get before average people started doing this?

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  4. Am I wrong or is 32 BTC traded there every month? It seems to me that the number is the same every month 🙂

    Reply
  5. You shared what the monthly minimum wage is there but what are the expenses like? How much would a loaf of bread or pound of butter cost? What are cost for other staples for you?

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  6. Why would anyone in Venezuela have a regular job if you could do almost anything profitable on the internet and get much more for much less effort. Is internet too expensive there?

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  7. How do people in barios get Bitcoin? You got to be tech savvy to the degree that I can’t see a regular family from Venezuelan slums ever holding it.

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  8. Wow I didn’t realize the monthly minimum wage was that low. I can’t even imagine having to survive off of $23 a day, let alone a month.

    Reply
  9. Is bitcoin generally picking up over there? I feel like if I were living there I’d be pouring as much money into it as possible

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  10. The average retail cost of gasoline on the US East Coast last week was 4.206. In 2022 in Sweden the approximate price range for Swedish Pork is between US$1.92 and US$2.23

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