Against a background of hyperinflation in Venezuela have soared, the demand for money, which the locals are buying via p2p site LocalBitcoins.

On the chart below, you can see that the abrupt increase in demand for “digital gold” occurred during the last few weeks.

For a long time suffering from a deep economic crisis and hyperinflation Venezuela is on the verge of social catastrophe. The situation in the country aggravate international sanctions and irrational economic policy of the state. This entails a sharp drop in the standard of living of the population, shortage of foreign currency and even commodities.

According to the International monetary Fund, expected this year, inflation in Venezuela is 14 000%. Thus, it is not surprising that an increasing number of people of this oil-rich Latin American countries see bitcoin a reliable store of value, much more stable than the local Bolivar.

We will remind, in February was released by “secure oil” Venezuela’s national cryptocurrency El Petro, designed to help circumvent international sanctions and to help rebuild the country’s economy.