The volume of Bitcoin purchases has skyrocketed in Venezuela amid bank branches closing


According to reports and social media, bank branches in Venezuela are closing as covid-19 continues to spread. People are turning to Bitcoin as an alternative proven by an increase in transaction volume.


Venezuela has been in trouble for the past year or so with political instability, hyperinflation and economic instability. The spread of Covid-19 exacerbated instability in the country when the banking system felt overwhelmed.


Bank branches closed


There are currently reports that Venezuela's bank branches have been closed, resulting in a spike in digital asset trading.


A few reports of individuals on Twitter have confirmed this. Mythos Capital founder Ryan Sean Adams tweeted that the banking system was stopped indefinitely. This was later retracted with a note saying that online banking services are still available.



So far, the Covid-19 pandemic has not engulfed Venezuela. The country currently has 65 infections, reported by Johns Hopkins University.


Earlier this week, President Nicolas Maduro issued a quarantine directive nationwide to stop the spread of the virus. The government hopes that these emergency measures will ease the burden on their already heavy health system. Maduro also ordered the closure of businesses and the establishment of barriers to restrict activities last Friday.


According to the Washington Post, neighboring countries fear that infected migrants will flee Venezuela.


Petro is down, Bitcoin is up


The covid-19 threat has also hampered Venezuela's efforts to force the adoption of Petro-backed oil cryptocurrency.


In January, Maduro tried to bolster Petro by launching a casino provided by Petro and announcing that all airline fuel sales for international flights would use cryptocurrencies.


However, Venezuelans were not very fond of the Petro, backing Bitcoin when the volume began to increase sharply. According to Coin Dance, March saw an increase in bolivar / BTC trading, which has been duplicated in many other South American countries.


Venezuela buys Bitcoin 2


Source: Coin.dance


Therefore, Bitcoin was traded at a high level in the country. Localbitcoins reported over 500 million VES, or nearly $ 7,000 at the time of writing. This number is about $ 800 higher than the current BTC price at the time.


The closure and restriction of banking services has clearly increased the demand for Bitcoin, which is playing the role it was destined for.


Annie


According to Beincrypto




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