Bolivar to Bitcoin Market Hits Record $1 Million Per Day
500 Bolivar banknotes, right, sit in a cash register at a coffee shop in Caracas, Venezuela, on Tuesday, Jan. 17, 2017.
Photographer: Carlos Becerra/BloombergThe Venezuelan bolivar to bitcoin market reached a record on Tuesday, as the dollar-starved nation increasingly seeks the digital token in exchange for its nearly worthless currency.
The equivalent of $1.006 million were exchanged from bolivars to the digital token on April 17, according to data from VeneBloc, which tracks transactions made on LocalBitcoins’ website and currently posts a rate of 845,000 bolivars per dollar. The trade helps Venezuelans access dollars (and other currencies) since the government enforced strict foreign exchange controls in 2003. Individuals and businesses often need to resort to the black market when they can’t obtain government approval to purchase dollars at legal rates.