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.
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.