Analysis: Based on BTC, Venezuela BTC trading volume has been reduced after being sanctioned

Today, there are analytic articles that many cryptocurrency media have published reports similar to "the intensification of US sanctions against Venezuela, which has prompted a surge in domestic Bitcoin transactions in Venezuela." However, the authenticity of this view is open to question. One common mistake that people make is to use the Venezuelan Bolivar (VES) exchange rate to measure local bitcoin transactions. This can be misleading because the VES exchange rate against the US dollar continues to depreciate. A better way to evaluate trading volume is to use Bitcoin. Based on BTC, the trading volume of LocalBitcoins in Venezuela has recently declined. For example, in the week of July 6, about 553 bitcoins were traded through Venezuelan LocalBitcoins. In the week that Trump announced the sanctions on August 6, only 481 bitcoins were traded. In terms of bitcoin and the value of the dollar, bitcoin traded by Venezuelans has actually decreased, not increased, since the sanctions were announced. The article concludes that although the cryptocurrency industry is very optimistic, in Venezuela, the US dollar as a substitute currency is much more common than the BTC.