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Venezuela UPDATE. 1 BTC is 63,120,000 Bs. Last two week it was 50,600,000 Bs. Monthly minimum wage is less than 10 USD. 798 BTC were traded last week (up from 710 BTC last week)

Venezuela UPDATE. 1 BTC is 63,120,000 Bs. Last two week it was 50,600,000 Bs. Monthly minimum wage is less than 10 USD. 798 BTC were traded last week (up from 710 BTC last week)

Bitcoin Reddit

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Just updating my old post. I'm a Venezuelan "living" here. AMA.

Goverment issued new Bolivares banknotes. 10,000 Bs. / 20,000 Bs. and 50,000 Bs.. 50,000 Bs. are around 8 USD.

This after 5 zeroes were shaved from the currency less than a year ago and 3 zeroes more 12 years ago. So it would be 5,000,000,000,000 Bs.

Sources:

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

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

https://dolarsatoshi.com/

About the minimum wage

https://www.venezuelanews.net/news/260700087/the-president-of-venezuela-raises-the-minimum-wage

40.000 Bs. per month plus 25.000 Bs. as food bonus, total 65.000 Bs. Around 11 USD at street rate.

About US sanctions:

https://www.brookings.edu/wp-content/uploads/2019/05/impact-of-the-2017-sanctions-on-venezuela_final.pdf

AMA!

submitted by /u/WorkingLime
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