It seems as though the interest for Bitcoin in Venezuela is on the rise. It has gone up significantly over the last few months and this is according to the exchange. After a bump in pricing, the interest for Bitcoin took a huge dive and Venezuela really was one of the top countries to have an adverse effect with this.
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The level of interest dropped by a staggering amount and this did coincide with a decline in trading volume as well. This went down to over 150 Bitcoins every single week. When you look at what people have said however, you will soon see that things are surging again and now those who live in Venezuela are taking a bigger interest than ever. The interest rate has almost doubled in one month alone and this is a great sign to say the least. The volume of bolivar to Bitcoin increased as well and this can only mean good things. The first week of June aligned with this trend perfectly and in one week of May, 4.9 trillion bolivars, which is a staggering amount, were spent on Bitcoin. There are links that show that there is a growing interest in terms of hyperinflation and the bolivar is falling by a staggering amount., This could be due to the hyperinflation, but nobody knows right now. The inflation has passed by over 25,000% so far and this could affect how people deal with the currency.
This country is one of the biggest dealers in cryptocurrency and it is great to see that things are looking back on track. That being said, only time will tell whether or not Bitcoin is going to be going up in value as a result, and there is also no telling whether or not this will bring around some very dire consequences.