Hi, guys I post this on the cryptocurrency subreddit but I noticed some people here don't read it and this is almos 100% Bitcoin focused. I'm Venezuelan and yes, I live here.
I just put only one data point in the title because some people really hate that I put several data points there (I guess you should make people happy sometimes)
Last week 48BTC were traded, so we care close to 200BTC monthly. Also, monthly minimum wage keeps going down, now under 23 USD.
One BTC trades around 125,000 Bs. (Bolivares, national currency)
LocalBitcoin is not the most used or popular, but it works as a gauge because it has an public stats updated weekly. I think the current king is Binance, after that comes AirTM, Reserve and others.
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, yesterday I just had a several hours blackout).
Last month inflation was 14%. High but better than that we had years ago.
Why no millions? Where are the zeroes? By law government removed six zeroes so 1,000,000 "old" Bs. is now 1 "new" Bs.
Yes, MONTHLY minimum wage is 23 USD, plus you get 45 Bs of food bonus in cash (that would be around 8 USD more) and in theory you should get a bag of food monthly worth around of 20 USD (rice, beans, oil, tuna, sugar, flour and so on). So if you don't have any extra income (other work, someone helping you and so on) you have to "survive" with that.
Average wage is around 100 USD monthly, a really good wage is 500 USD monthly (My dream hehehe).
Some sources,
https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/
https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/
https://coin.dance/volume/localbitcoins/VED/BTC
https://coin.dance/volume/localbitcoins/VED
https://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
Submitted July 18, 2022 at 09:02PM by WorkingLime https://bit.ly/3Pyd7Wm
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