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RE: Bitcoin trading volumes continue to explode in Venezuela
Presentation of trading volumes of probably anything denominated in Bolivars has the same impression of explosion.
You could make the case for mass exodus into anything using this inflation skewed terminology.
Since people unrelated to the Venezuelan government fled the country, whatever real value that still pours into Bitcoin in Venezuela is probably money laundering or attempt rescue by government employees.
While there is perhaps a lot of truth to that. There are still millions of people living there and if those millions of people receive any kind of compensation one could reasonably assume they may immediately park that money in bitcoin in order to preserve whatever purchasing power they can, while they can.
They probably have just enough to get by so they would park it all right, but probably in something more useful than bitcoin. Mind you, bitcoin may be useful tool to bypass any currency restrictions and to move value outside of Venezuela.
If there isn't anything that needs to be spent that same day, parking it in something like bitcoin, even if only for a few weeks, would help preserve that purchasing power.
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