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Thursday, February 23, 2017

Venezuelan Bolivar Continues to Decline on the Black Market; Venezuelans Turn to Bitcoin to Escape Devaluation


Bitcoin’s popularity has continued to increase in Venezuela as the black market exchange rate of the bolivar is approaching all-time lows again.  Although the TPTB in Venezuela have attempted to dissuade their countrymen from using the digital currency via a highly-publicized raid of a Bitcoin mining farm in January, in addition to the takedown of the country’s largest cryptocurrency exchange, SurBitcoin, at the beginning of February, Venezuelans have continued to flock to the borderless digital asset through online marketplace, LocalBitcoins. Last week, tech-savvy Venezuelans bought and sold 17.1 million bolivars (new record) worth of Bitcoin on LocalBitcoins, according to readings from Coin.dance, which charts weekly turnover on LocalBitcoins in different countries. More…

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