Venezuela update. One BTC is around 1,400,000,000 Bs. (Bolivares). 568 BTC were traded last week, down from 604 (only using LocalBitcoin), the 568 BTC traded are 722,576,000,000 Bs. (ATH). Minimum monthly increased from 2.25 USD to 4.7 USD.

Hi guys,

Yes you read it right.

Official exchange rate is 1 USD = 170,000 Bs.

Street (black) market rate is around 190,000 Bs.

Monthly minimum wage was 450,000 Bs. (that includes 200,000 Bs food bonus paid in cash), around 2.6 USD. Yesterday it was increased to 800,000 Bs. (that includes 400,000 Bs food bonus paid in cash). So:

800,000 / 170,000 = 4.7 USD per month

Local Bitcoin traded again over 500 BTC, it has been crazy. Steady months over 2,000 BTC monthly.

ALL time high was in February 2019 when almos 2,500 BTC were traded in ONE WEEK

There is people trading BTC to Bolivares and Bolivares to BTC, A LOT! You can see the listing in the sources link

Situation is the same or worse than last week. As always you can Ask Me Anything.

Sources:

https://orinocotribune.com/comprehensive-minimum-wage-increase-by-78-in-venezuela/

https://www.npr.org/sections/goatsandsoda/2019/09/06/757822363/a-doctor-or-nurse-might-earn-6-a-month-in-venezuela-if-theyre-lucky

https://coin.dance/volume/localbitcoins/VES/BTC

LBTC listings https://localbitcoins.com/buy-bitcoins-online/ves/

Submitted April 28, 2020 at 11:15PM by WorkingLime https://bit.ly/2KK1nAB