{"id":122851,"date":"2020-01-13T08:00:37","date_gmt":"2020-01-13T08:00:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=122851"},"modified":"2020-01-14T06:43:24","modified_gmt":"2020-01-14T06:43:24","slug":"venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing\/","title":{"rendered":"Venezuelans are paying an average $1,980 premium on LocalBitcoins [UPDATED]"},"content":{"rendered":"<p>[Note: this article has been updated for accuracy]<\/p>\n<p>The average price of BTC on <a href=\"https:\/\/cryptoslate.com\/companies\/localbitcoins\/\">LocalBitcoins<\/a> Venezuela is $1,980 above the Coinmarketcap spot price, likely making the stricken South American economy one of the world's most expensive markets for Bitcoin.<\/p>\n<p>BTC is currently listed on LBC Venezuela for an average price of 700 million Venezuelan Bol\u00edvars ($10,480), and the only <a href=\"https:\/\/localbitcoins.com\/instant-bitcoins\/?action=buy&country_code=VE&amount=625000000&currency=VES&place_country=VE&online_provider=ALL_ONLINE&find-offers=Search\">seller<\/a> offering a whole Bitcoin has listed an ask price of an outlandish $11,687 per BTC (a $3,580 premium).<\/p>\n<figure id=\"attachment_122972\" aria-describedby=\"caption-attachment-122972\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/localbitcoins.com\/instant-bitcoins\/?action=buy&country_code=VE&amount=625000000&currency=VES&place_country=VE&online_provider=ALL_ONLINE&find-offers=Search\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-122972 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-1024x486.png\" alt=\"LocalBitcoins Venezuela\" width=\"1024\" height=\"486\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-1024x486.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-1536x729.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-14-at-1.33.01-PM-2048x972.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-122972\" class=\"wp-caption-text\">VES offers for BTC &#8211; LocalBitcoins Venezuela<\/figcaption><\/figure>\n<h2>LocalBitcoins to the rescue?<\/h2>\n<p>The significant premiums on LBC Venezuela can be seen as another validation of Bitcoin's reputation as a non-confiscatable and censorship-resistant store of value.<\/p>\n<p>LocalBitcoins (LBC) is widely considered a platform for facilitating non-speculative purchases of BTC, due to its being a solely fiat-to-crypto exchange, and its charging typically several-hundred-dollar premiums to spot. It is also, crucially, one of the only exchanges that regularly publishes country-specific trade volumes.<\/p>\n<p>As such LBC trade data has become a yardstick for quantifying purchases of seeming necessity. And indeed, a <a href=\"https:\/\/cryptoslate.com\/data-bitcoin-interest-high-places-low-economic-freedom\/\">closer analysis<\/a> of LBC data has revealed that the original cryptocurrency is seeing exceptionally high rates of adoption in countries with low economic freedom\u2014countries like Venezuela.<\/p>\n<p>This narrative becomes more convincing when cross-examining with trends on other exchanges. Last year Bitcoin jumped to a <a href=\"https:\/\/cryptoslate.com\/bitcoin-premium-argentina-macri-capital-controls\/\">$2,250 premium<\/a> on one of Argentina's top exchanges after the government imposed capital controls, not too long before LBC Argentina volumes hit their <a href=\"https:\/\/cryptoslate.com\/localbitcoins-volumes-hit-all-time-high-in-argentina-after-trump-tariff-announcement\/\">all-time-high<\/a>.<\/p>\n<h2>Venezuelans are hedging against their government<\/h2>\n<p>For decades Venezuela has grappled with one of the worst national crises in recent history, <a href=\"https:\/\/www.nytimes.com\/2019\/05\/17\/world\/americas\/venezuela-economy.html\">described<\/a> by economists as the &#8220;single-largest economic collapse outside of war&#8221; in the last 45 years. And things don't seem to be getting better. Last year Venezuela took the title of Bloomberg's &#8220;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-04-17\/the-world-s-most-miserable-economy-has-seven-figure-inflation\">most miserable<\/a>&#8221; economy on its annual &#8220;Misery Index,&#8221; which ranks the world's worst economies based on inflation and employment rates.<\/p>\n<p>Faced with an inflation rate of more than eight million percent, on-and-off capital controls, and a steady decline in the production of oil\u2014which accounts for about <a href=\"https:\/\/www.opec.org\/opec_web\/en\/about_us\/171.htm\">99 percent<\/a> of Venezuela's export earnings\u2014Venezuelans would have ample reasons to allocate to Bitcoin.<\/p>\n<p>As reported previously by <a href=\"https:\/\/cryptoslate.com\/data-bitcoin-interest-high-places-low-economic-freedom\/\">CryptoSlate<\/a>, Venezuela is the world's most Bitcoinified nation in terms of amount of BTC owned per head of population, and amount of income spent on BTC relative to income.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[Note: this article has been updated for accuracy] The average price of BTC on LocalBitcoins Venezuela is $1,980 above the Coinmarketcap spot price, likely making the stricken South American economy one of the world&#8217;s most expensive markets for Bitcoin. BTC is currently listed on LBC Venezuela for an average price of 700 million Venezuelan Bol\u00edvars [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":122872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Venezuelans are paying an average $1,980 premium on LocalBitcoins [UPDATED]<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venezuelans are paying an average $1,980 premium on LocalBitcoins [UPDATED]\" \/>\n<meta property=\"og:description\" content=\"[Note: this article has been updated for accuracy] The average price of BTC on LocalBitcoins Venezuela is $1,980 above the Coinmarketcap spot price, likely making the stricken South American economy one of the world&#039;s most expensive markets for Bitcoin. BTC is currently listed on LBC Venezuela for an average price of 700 million Venezuelan Bol\u00edvars [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-13T08:00:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-14T06:43:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/bitcoin-grow.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/venezuelans-are-paying-a-1700-premium-on-localbitcoins-and-the-platform-wont-stop-growing\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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