By CCN.com: As the political and economic crisis in Venezuela escalates, citizens of the South American country are taking refuge in Bitcoin.
In the final week of April, a record amount of Venezuelan bolivars were spent buying bitcoin per Coin Dance. Specifically, bitcoin worth more than 36.5 billion bolivars were purchased last week.
The previous record was bitcoin worth 31.3 billion bolivars which were purchased earlier last month.
The record purchase of bitcoin coincided with a rise in political tensions in the Latin American country. Earlier this week opposition leader Juan Guaido urged the country’s military to join civilian protestors in ousting President Nicolas Maduro.
BREAKING: Venezuela opposition leader Juan Guaido urges military, civilians to take to streets in new mass protests Wednesday. https://t.co/H6LSrRRrF4
— The Associated Press (@AP) May 1, 2019
Will the United States intervene militarily in Venezuela?
This was Guaido’s third attempt to topple Maduro and so far has not achieved the anticipated success. The opposition leader has the support of 50 countries including the U.S., the U.K. and a host of South American countries. Maduro, on the other hand, has the support of China, Russia, Cuba, Turkey and other countries traditionally considered U.S. foes.
When the much-publicized uprising failed to topple Maduro earlier this week, Trump blamed Cuba.
If Cuban Troops and Militia do not immediately CEASE military and other operations for the purpose of causing death and destruction to the Constitution of Venezuela, a full and complete….
— Donald J. Trump (@realDonaldTrump) April 30, 2019
Maduro may still be reigning but Guaido has vowed to continue adding pressure till the regime falls. With the protests and strikes only likely to increase the unrest as ugly violent confrontations become the order of the day, chances of bitcoin trading volumes in Venezuela increasing further are high.