Bitcoin Demand in Venezuela Soars in Crisis

In recent years, the demand for one type of cryptocurrency that is Bitcoin continues to increase in Venezuela. However, not only Bitcoin alone, but other virtual currencies are also in demand by Venezuelans.

The trend of demand for Bitcoin in Venezuela surged on Thursday (29/3). However, it is possible if the demand will decrease.

Last week, Bitcoin's total trade value in the crisis-hit country broke through 1 trillion bolivars, creating a new record. However, we need to remember if the current rate of inflation in Venezuela is very severe and every week the exchange rate against the bolivar continues to decline.

However, such trading volume is not the only effect of Bitcoin's success.

The surprising thing was the high demand for Bitcoin in Venezuela when Venezuelan President Nicholas Maduro issued a new virtual currency, Petro. However, Petro's legitimacy remains unknown.

Increased Bitcoin trade may be due to Maduro himself. Previously, Maduro stated that Venezuela wants to attract more Bitcoin mining operations.

The statement indicates that Venezuela is open to cryptocurrency. However, there is currently no sign that the Venezuelan government will regulate Bitcoin Cs.

Just for information, Venezuela is not the only country that demand for Bitcoin soaring. Some countries that are very interested in Bitcoin are Canada, Europe and Hong Kong.