64 BTC were traded last week in Venezuela using LocalBitcoin (only). These 68 BTC were 7,441,000,000,000 Bs. (Bolivares not “BS”, Venezuelan currency ISO VES) . Monthly minimum wage is around 3 USD MONTHLY. One BTC trades around 103,000,000,000 Bs. Binance is

Just updating this week number, as you know I'm Venezuelan living here.

We are a little better volume (around 60-70 BTC weekly) months ago we were at 40-50 BTC. A year ago around 400 BTC were traded weekly!

When compared to other countries:

  • Argentina – 6 BTC
  • Brazil – 8 BTC
  • Chile – 9 BTC
  • Colombia – 41 BTC (I'm sure a big part comes from Venezuelans)
  • Mexico – 10 BTC
  • Peru – 11 BTC

Why the drop? Binance started going hard here in Venezuela, They opened P2P trade in Bolivares, so you can go from Bolivares to any crypto and from crypto to Bolivares. In theory you can trade only with BTC, ETH, USDT, BUSD, BNB and DAI but after these you can go anything listed in Binance.

One USD is 3,200,000 Bs. (monthly minimum wage is 10,000,000 Bs. that is where the 3 USD monthly figure comes), biggest bank note is 1,000,000 Bs. released a few months ago (I haven't seen it yet)

I know it's hard to believe but, yes, that is the monthly minimum wage here. 3 USD monthly. The average wage is around 70 USD when it comes to private sector and upto 30 USD when it comes to public sector.

A family needs around 300-400 USD monthly to live (which is ok, it is around the southamerica standard, problem is not that, problem is the wages!)

Check this article:

https://translate.google.com/translate?sl=es&tl=en&u=https://talcualdigital.com/en-un-ano-el-dolar-perdio-49-de-su-poder-de-compra-para-adquirir-alimentos/

Datanalisis (a polling firm like Gallup) gave the following numbers:

2% of Venezuelan have a 2,000 USD monthly income, 65% around 150 USD and 33% less than 30 USD monthly.

Any question let me know!

Sources (PLEASE check them!!!):

https://www.descifrado.com/2021/04/13/ovf-el-460-de-las-remuneraciones-del-sector-privado-se-pagan-en-dolares/

https://www.usefultulips.org/combined_VES_Page.html

https://www.caracaschronicles.com/

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

https://localbitcoins.com/buy-bitcoins-online/ves/

https://www.reuters.com/article/venezuela-economy/venezuela-to-introduce-1-million-bolivar-bill-as-inflation-persists-idUSL2N2L401H

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

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

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