38 BTC were traded last week in Venezuela measured only using LocalBitcoin, up from 26 BTC last week, this is around 10% of the total world trade there! Monthly minimum wage sits around 25 USD (started at 30 USD months ago).

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As you probably know, I’m Venezuelan “living” here, I have been posting these updated for years!

It has been a rollercoaster, years ago LocalBitcoin was leader trading really big amounts of BTC weekly (there was one week over 2,000 BTC), monthly minimum wage has move from 1 USD to 30 USD, then 2 USD again, 30 USD again and now 25 USD. Binance came and took all the traded amount and it’s not the leader exchange here. Even when now goverment wants to intervene with the only objective of knowing how much money you trade and not to tax you, probably to make you a target of ransom and kidnap, similar what happens with miners here.

https://news.bitcoin.com/venezuelan-sunacrip-tightens-control-on-transactions-made-using-unauthorized-exchanges/

Right now one BTC trades around 150,000 – 160,000 Bs. (Bolivares).

Where are all the zeroes? Goverment eliminated six zeroes by law last october, without that currenty price of BTC would be 150,000,000,000 Bs.

Why only post LocalBitcoin stats? It’s the only exchange with historic and public information.

So that monthly minimum wage is ok to live? No, even when average wage is around 80-100 USD (monthly) and a manager can be over 200 USD, some NGO says a 5-members family needs at least 600 USD monthly to live “ok”.

Mining here, is a good oportunity (at least at a small scale), electricity at home level is almost free (a big house with AC won’t pay more than 1 USD monthly). Of course, electricity is also unreliable and blackout are common.

A lot of redditors have helped me before, with some works and some task, even moons make (or made, last months have been really bad) a nice part of my income!

Any question let me know.

Some sources,

https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/

https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/

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

https://coin.dance/volume/localbitcoins/VED

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

https://localbitcoins.com/country/VE

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

submitted by /u/WorkingLime
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