Venezuela has always been a distinctive country especially in relation to cryptocurrency. The locals have shown large interest in Bitcoin and other kinds of digital currency over the year. After a long period of gaining strength, the requirement for Bitcoin is increasing. Although there`ve been some highs and lows, the overall trend is still in place. A new record mark was achieved for Bitcoin trading last week in Venezuela. This is looking promising together with a total value of above one trillion Bolivares worth of Bitcoin changing hands.
The country is still depressed by mighty inflation. As the value of 1 Bolivar is virtually declining every week, this volume is managed to go up for some time to come. Also this month (on March, 19) the US President Donald Trump issued an order to forbid any purchase operations of the Venezuelan Petro. The ongoing policy of the US government opposes the Venezuelan one and pressures it. The situation of Venezuela will be discussed at G20 Summit.
It is amazing how the requirement for Bitcoin is rising despite the Petro becoming a substantial thing. Venezuela’s own cryptocurrency has been welcomed with a pretty amount of criticism and anxiety. Its validity is still a big unknown, for the time being. Bitcoin is not officially recognized in Venezuela. The decline of the interest in BTC may be expected, but not in this case. Both forms of currency are seemed to be able to co-exist without any main issues.
Together with Bitcoin trading wavering in Venezuela, something has to put this demand. President Maduro claimed the country wants to attract more Bitcoin mining operations moving forward. It illustrates that Venezuela would keep an open mind towards this currency, which can only be considered to be a worthy thing. The increasing interest in cryptocurrencies will possibly require some legal framework to be stated.
Venezuela is not the only country where BTC demand is expancing. This kind of cryptocurrency is much-required right now in Canada, Europe (in common), Hong Kong and Indonesia. All these facts reveal that in some time the negative tendencies connected with Bitcoin price trend will reverse eventually.