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Venezuela UPDATE from the ground. 1 BTC is around 150,000,000 Bs. A month ago it was 85,000,000 Bs. (Bolivares). Monthly minimum wage is less than 5 USD (it was 30 USD a year ago). 562 BTC were traded last week using LBTC (last week was 433) which is arou

Venezuela UPDATE from the ground. 1 BTC is around 150,000,000 Bs. A month ago it was 85,000,000 Bs. (Bolivares). Monthly minimum wage is less than 5 USD (it was 30 USD a year ago). 562 BTC were traded last week using LBTC (last week was 433) which is arou

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I'm a Venezuelan "living" here. AMA even if it looks dumb, you can also check my post history.

Biggest bank note is 50,000 Bs. which is less than 4 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

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://cointelegraph.com/news/venezuela-sets-new-bitcoin-volume-record-thanks-to-10-000-000-inflation

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 4 USD at street rate and 5 USD at official rate.

AMA!

submitted by /u/WorkingLime
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