State tensions between Venezuela and the United States continue to increase, President Donald Trump continues to sanction the country and force the Venezuelan people to use Bitcoin as economic protection when the country's economy collapses.
The political and economic situation became Venezuela very chaotic. The country is also experiencing the worst hyperinflation and its currency has almost no value at all.
America froze Venezuelan assets
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Around 68 billion Venezuelan Bolivars were traded for Bitcoin (BTC) a few days ago at LocalBitcoins. According to Coin.Dance, Bitcoin trading volume in the country experienced a surge after the US froze all Venezuelan Government Assets in the United States. In addition, the American president also forbids the US from doing business with South American countries.
The ban made Venezuela's relations with the US on a par with North Korea, Iran, Syria, and Cuba. The US president's decision to freeze Venezuelan assets in the United States aims to increase the campaign of diplomatic and economic pressure to remove Nicolas Maduro from power.
reads Chicagotribune Report:
"The Trump administration froze all Venezuelan government assets on Monday in a dramatic increase in tension with Nicolás Maduro who put his socialist government on a shortlist of enemies from Cuba, North Korea, Syria and Iran who have been the target of aggressive US action.
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