In recent years, the demand for bitcoin virtual currency in Venezuela continues to increase. Not only bitcoin, Venezuelans also show great interest in a number of other virtual currencies.
Based on the graph presented by LocalBitcoins, the trend of bitcoin demand in Venezuela is soaring. Nevertheless, the demand graph is also up and down.
Last week, bitcoin trade in the country set a record. Total value of trade and exchange of bitcoin in Venezuela exceeded 1 trillion bolivars.
However, it should be remembered that Venezuela is still in a state of severe inflation. Each week, the value of 1 bolivar continues to decline.
LocalBitcoins data on bitcoin trading volume is certainly not the only indicator of bitcoin success. Nevertheless, the graph shows very strong bitcoin demand in Venezuela and has not seen any signs of weakness.
What is surprising is that the high bitcoin demand in Venezuela occurs when the country also publishes Petro's virtual currency. However, Petro's legitimacy is not yet known clearly.
Increased bitcoin trade in Venezuela could be driven by President Nicolas Maduro's own stance. Some time ago, Maduro said Venezuela wants to attract more bitcoin mining operations.
The Maduro statement indicates that Venezuela will remain open to the virtual currency. Currently there is no sign that the Venezuelan government will regulate bitcoin and friends.
Venezuela is not the only country where bitcoin demand is soaring. Canada, Europe, Hong Kong, and Indonesia are some regions and countries where bitcoin is a highly demanded commodity today.
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