June 9, 2018
Bitcoin is holding steady around $7,500.
That is clearly the bottom.
But we want to see it RISE.
Venezuelans’ interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange.
Venezuela experienced its first cryptocurrency boom in early 2017, when a record volume of 805 bitcoins exchanged in a week was set.
Following that, the level of interest towards crypto in Venezuela dropped, coinciding with a decline in trading volume to as low as 150 bitcoins bought per week.
However, according to Criptonoticias, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela, as evidenced by LocalBitcoins data. The volume of Venezuelan bolivar to Bitcoin exchange increased by 138% from March to April, and by 39% more from April to May.
The first week of June was in line with this trend, Criptonoticias points out. Over the last week of May some 4.9 trillion bolivars were spent on bitcoins, while the first week of June had seen the volume grow by 40.8% to 6.9 trillion.
Criptonoticias links the growing interest towards Bitcoin to hyperinflation in Venezuela. As bolivar keeps falling, in late May hyperinflation in the country surpassed 25,000%, according to Forbes.
A country with oil buying a shit ton of bitcoins bodes well, no? I mean, their currency is becoming worthless, and even with the government trying to clamp down on bitcoin, seems like people are storing their value in it.
So that’s good, right?
On a side note, Venezuela seems to be in free-fall. Some people blame socialism, but I blame low oil prices and a bastardized citizenry.
Frankly, you can’t have socialism in a mixed race society.
The upper caste managerial Whites will always horde wealth and rule amongst themselves because of their higher IQ, historical legacy, international connections and distance from the masses.
They simply don’t identify with the mestizos and mulattos that constitute their country’s “citizenry.”
Average South American Indian.
The upper-middle class of South American Whites.
Everyone at the bottom will always be too stupid, violent and unproductive to amount to much and even if they come to power because the conquistador elites have gone too far with their corruption and graft, they too will succumb to corruption and graft once in power.
This model has repeated itself several times all over South America in regards to the “Bolivarian Revolution” which is basically a bunch of center-left coalitions coming to power by enfranchising the lower castes and getting their vote over the last decade.
Can’t say that I care much.
All I care about is how this effects bitcoin. I say it’s good for bitcoin, which is why I’m feeling bullish today.
It would be interesting to see if collapsing third world country currencies in general, correlates well with bitcoin prices.
In which case, I’ll have even more of an incentive to see brown people suffering.