32 BTC were traded last week in Venezuela measured only using LocalBitcoin. Monthly minimum wage is now less than 23 USD.

Hi, as you know I'm a Venezuelan living here in the country.

I have been posting these stats for years.

LocalBitcoin is only used as one of the measurements because it makes public its stats. Binance is way more used, same Reserve, AirTM among others.

Last week it was 35 BTC, so a 3 BTC drop.

Monthly minimum wage is 23 USD (It's 130 Bolivares "Bs." and exchange rate is 1 USD = 5.8 Bs.), average is around 100 USD.

People "survive" at the bare minimum.

There are no zeroes anymore because 9 months ago, government ordered removing six zeroes from the currency by law.

• They did that before in 2018 (5 zeroes)
• And 2007 (3 zeroes)

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), here mining even with old S9 and GPU will be profitable.

Any question, let me know!

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://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/