The worse the political, social, and economic conditions in Venezuela get, the more that residents suffering under the Maduro regime pile into Bitcoin.
According to Coin Dance, more than 47 billion Venezuela bolivars were traded against Bitcoin in the first week of July. This broke a previous record that had been set in mid-June.
While the rising amounts of bolivars being spent on buying Bitcoin could be attributed to the fact that the Venezuelan currency is perpetually weakening, it also coincides with the price of the flagship cryptocurrency appreciating considerably in the last couple of weeks.
About that 50,000 bolivar note…
As of April, the inflation rate in Venezuela was estimated to have hit 1,300,000 percent. Mid last month, the South American country announced a 50,000 bolivar bill designed to ease business transactions.
— Swiss America (@Swiss_America) June 13, 2019
Still, Venezuela ranks among the top 30 countries whose national currencies are the most traded for Bitcoin, according to Coinhills.
The new record for BTC/VES volumes coincides with the global legal watchdog, the International Commission of Jurists, warning that the rule of law in Venezuela has crumbled. According to the ICJ, the powers of the legislature and the judiciary in the South American country have been usurped by President Nicolas Maduro’s government.
Breakdown of the rule of law in Venezuela
After the 2015 elections, during which the opposition won a majority of the seats,