71 BTC were traded last week in Venezuela only using LocalBitcoin as exchange (up grom 58!). One BTC trades at 110,000,000,000 Bs. (Bolivares, ISO VES, national currency). Monthly minimum wage is around 3 USD! (around 30 MOONS as today)

Hi guys, hope you are doing fine.

If you don't know I'm Venezuelan living here crypto enthusiat that have been keeping the record for some numbers here when it comes to crypto here.

These 71 BTC were 7,682,000,000,000 Bs.

People use LocalBitcoin as exchange and get rid of Bolivares (purchasing BTC) also selling BTC if you need to pay something in Bolivares. Also families abroad send it to send remittances to relatives here. Miners. And I'm sure the own goverment!

Yes, that is true! By law monthly minimum wage is 10,000,000 Bs. that would be around 3 USD. 1 USD is 3,275,000 Bs. Anyway average wage is around 50-80 USD monthly, still very low. A family (5 members) needs around 400 USD monthly to "live".

That would make the monthly minimum wage around 30 moons as today!

In 2007, 3 zeroes were removed from the currency and then again 5 zeroes in 2018. Now, in the next months they will remove 6 zeros! Now makes sense to me, the latest (and biggest) banknote is 1,000,000 Bs. (around 0.3 USD), but they made the "1" really BIG. As that banknote will be 1 Bs. ("New" bolivares).

So, 1 "New" Bolivar would be 1,000,000 Bs. in 2021 "Old Bolivares" and 100,000,000,000 Bs. in 2018 "Old old Bolivares" AND 100,000,000,000,000 Bs. in 2007 "Old old old Bolivares". (To make things confusing they keep calling it Bs. -Bolivares-)

Thay is hyperinflation my friends.

Any question, even if it sound stupid, feel free to ask!

Sources (PLEASE check them!!!):

https://www.bloomberg.com/news/articles/2021-07-01/venezuela-to-cut-six-zeroes-off-bolivar-to-simplify-transactions

https://www.descifrado.com/2021/04/13/ovf-el-460-de-las-remuneraciones-del-sector-privado-se-pagan-en-dolares/

https://www.usefultulips.org/combined_VES_Page.html

https://www.caracaschronicles.com/

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

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

https://www.reuters.com/article/venezuela-economy/venezuela-to-introduce-1-million-bolivar-bill-as-inflation-persists-idUSL2N2L401H

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

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