The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Venezuela Bitcoin Trading Reaches Record High As Blackouts Plunge Crisis-Ridden Country Into Darkness

by Daily Hodl Staff
March 9, 2019
in Bitcoin

Bitcoin trading volumes on peer-to-peer crypto trading platform LocalBitcoins hit a record high in Venezuela for the week of March 2nd with users trading 25.4 billion in the national currency. The collapse of the Venezuelan bolívar continues amidst the ongoing humanitarian, economic and political crisis that has seen hyperinflation, a lack of basic goods, including food and medicine, civil unrest, violent protests and a battle to oust the Venezuelan President Nicolás Maduro from power.

Source: Coin.dance

While crypto supporters believe Bitcoin can offer a life line to Venezuelans, others point out how deteriorating infrastructure and other technical challenges make it difficult to adopt Bitcoin.

Writes Caracas-based journalist José Rafael Peña Gholam,

“Although crypto is no longer an “underground” topic the way it was a few years ago, there are still barriers to widespread dissemination and acceptance. Many people see crypto as a scam, or don’t have the connectivity to access it. Venezuela’s Internet continues to deteriorate, as the government manages most of country’s telecommunications concessions. Once you get far from the big cities it is even harder to get an good Internet connection. Smartphones, which tend to be priced in dollars, are even more expensive for Venezuelans now.”

Bitcoin enthusiast Alec Ziupsnys shows Venezuela’s inflation rate topping 2 million percent, according to the opposition-led Congress, in one of the worst hyperinflation episodes ever recorded since World War II, when inflation in Hungary reached a jaw-dropping 41,900,000,000,000,000%.

https://twitter.com/AlecZiupsnys/status/1103101508508372992

A report by the Miami Herald shows Venezuelans turning the bolívar into resistance art and hand bags, as they use the US dollar to escape hyperinflation. Ecoanalítica, a Caracas-based consulting firm, estimates that nearly a third of the Venezuelan population, roughly 9 million people, rely on the US dollar for daily transactions.

Despite the currency shuffle, hyperinflation and long lines at banks, Venezuelans are coping with massive black outs and fresh protests that erupted in Caracas on Saturday, following power outages that began on Thursday night when the Guri hydroelectric power plant failed. It affected 70-90% of the country for over 40 hours. Caracas was blanketed in darkness, with local news outlets reporting that “electrical sabotage” incapacitated traffic lights in the nation’s capital.

'This country has… become a disaster'

The latest crisis to hit Venezuela is an electricity blackout that's affected most of the country

[tap to expand] https://t.co/IvIaxxvLMS pic.twitter.com/8ebISOD8Nq

— BBC News (World) (@BBCWorld) March 8, 2019

US politicians are blaming the latest explosion of an electrical substation in Venezuela on a lack of maintenance.

One of Venezuela’s main substations that was keeping electricity flowing is now on fire. Venezuela has lost power on a larger scale than originally on Thursday. All hydroelectric plants in the south are basically useless now#Venezuela pic.twitter.com/z1qOjW5g1e

— CNW (@ConflictsW) March 9, 2019

Meanwhile reports implicating the CIA’s involvement are circulating on social media. They point to articles by news outlets NPR and the Independent to support theories that the black outs are part of a well-orchestrated coup.

#BREAKING: #Venezuela's president #Maduro says that the reason behind explosion in #Sidor's power substation at #Guayana was #US (#CIA) Cyber attack. The #Venezuela's power outage was about to end today but the Cyber attack disrupted everything again. #9Mar pic.twitter.com/dL9y53enU1

— Babak Taghvaee (@BabakTaghvaee) March 9, 2019

While Maduro remains defiant, Guaidó is unwavering. He’s broadcasting his messages of resistance from the streets via a megaphone, calling on his followers to stay “united and mobilized.”

#BREAKING: #JuanGuaido, Opposition Leader & Interim President has invited people of #Venezuela from all over the country to come to #Caracas and withdraw #Maduro's regime quickly. Fall of Dictator Maduro is imminent.#9Mar pic.twitter.com/MiBfoU3Phl

— Babak Taghvaee (@BabakTaghvaee) March 9, 2019

Turmoil in the streets of Caracas continues as civilians combat armed forces.

As blackout eases, #Venezuela braces for rival rallies https://t.co/mISLT8Gv6z pic.twitter.com/YrHluvVYVN

— NBC Chicago (@nbcchicago) March 9, 2019

Over 50 countries, including the US, the UK and Colombia, recognize opposition leader Juan Guaidó as Venezuela’s acting president, after having severed diplomatic relations with Maduro.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • OKX Launches Turkish Lira Deposits and Withdrawals
    March 27, 2023
  • Cardano’s Top NFT Marketplace JPG.Store Announces Plans To Empower More Artists Globally
    March 27, 2023
  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,905.48
$27,905.48
0.75%
Ethereum
$1,764.34
$1,764.34
0.25%
Cardano
$0.351649
$0.351649
1.82%
XRP
$0.455354
$0.455354
0.46%
Dogecoin
$0.07392
$0.07392
1.51%

Spotlight

  • Ethereum (ETH) Competitor Avalanche (AVAX) Suffers Brief Network Outage Amid Upgrade
    March 24, 2023
  • Top Crypto Analyst Benjamin Cowen Maps Path Forward for Bitcoin (BTC) – Here Are His Targets
    March 24, 2023
  • Popular Crypto Analyst Says Bitcoin’s Short-Term Volatility a Distraction From Upward Macro Trend
    March 24, 2023
  • Dogecoin (DOGE) Unveils Massive Update To Ease Development of the Leading Meme Coin
    March 24, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl