As G-7 Fractures In Canada, Putin Meets Xi In China

While President Trump insults his erstwhile foreign partners in a colorful twitter tirade ahead of a G-7 (or rather, G-6+1) summit in Quebec, exposing the very real fragmentation of longtime western partnerships as the US cracks down on unfair foreign trade practices, a productive meeting between China’s “Emperor for Life” Xi Jinping and Russian President Vladimir Putin has been completely overshadowed, as Bloomberg points out.

Putin

The two leaders held their first meeting this year on Thursday ahead of the June 9 Shanghai Cooperation Organization meeting – an eight-member group led by China and Russia – which will be held in the port city of Qingdao.

But the west is ignoring the burgeoning partnership between the two countries – both permanent members of the UN Security Council – at its own peril. Because Putin and Xi are playing an ever-expanding role in resolving global disputes like, for example, the dispute between the US and North Korea. For example, both leaders support North Korea’s demands that any denuclearization agreement stipulate that the process happen in stages – something that the Pentagon initially opposed, though Trump has more recently said he’d be open to it.

“China and Russia have common interests in regards to the resolution of the Korean crisis,” said Alexey Muraviev, a Russia strategic and defense affairs specialist at Curtin University in Perth, Australia. “Their pragmatism is driven by the belief that it is better to have the regime that is in place rather than hope for another one.”

Indeed, the final shape of a North Korea denuclearization deal (assuming one is reached) will likely need the blessing of Beijing, if not both Beijing and Moscow, before it becomes a reality. Because ultimately both countries want to ensure that hostilities don’t break out on their borders with the North, and that US and NATO troops remain as far from their borders as possible. Already Russian Foreign Minister Sergei Lavrov has assured his North Korean counterpart that any deal “must involve the lifting of sanctions” – pushing back against the US’s insistence that sanctions won’t be lifted until North Korea is nearing full denuclearization.

China and Russia have been pushing for a deal between the US and North Korea since early last year, when tensions between the two geopolitical adversaries were still high. And it’s worth noting that the deal that is taking shape already resembles a compromise plan that the two countries jointly proposed back then: That the North agrees to halt its nuclear program while the US and South Korea cease military exercises. Of course, the latter’s unwillingness to stop its threatening military drills almost scuttled the meeting last month.

It’s understandable that North Korea wants security guarantees, given what happened to the former leaders of Libya and Iraq after they gave up their weapons, Putin said in an interview with China Media Group that was published Wednesday.

“Today it is difficult to say what these guarantees may look like or when they will come into effect,” he said.

The two leaders also called the US’s decision to leave the Iranian nuclear deal “disappointing” and said it was of “fundamental importance” to protect trade relations with the Islamic Republic. China is Iran’s trading partner, and both countries have said they will find a way to preserve Iranian trade to help preserve the deal without the US’s involvement.

In a move that will likely only further infuriate his European and North American peers, Trump is planning to leave the G-7 summit early, departing at 10:30 am on Saturday, and leave Everett Eissenstat, his deputy assistant for international economic affairs, in charge of the US’s delegation for the remainder of the summit. This gives Trump only about 24 hours to smooth over trade tensions with Emmanuel Macron and Justin Trudeau, Bloomberg reports. Trump has also warned he won’t sign the traditional concluding joint statement unless there’s progress on tariffs and trade issues. The EU, for what it’s worth, has said it has “low expectations” for a positive outcome. Tensions have been most evident between Canadian President Justin Trudeau and Trump, who on Thursday accused the Canadian leader of “being so indignant” given how Canada chooses t protect its dairy sector with high tariffs at the expense of US exports. The two leaders are set to meet face to face at 5 pm on Friday. Meanwhile, Putin has invited Kim to visit Russia after the US summit – though the North Korean leader has not yet accepted (Trump has also suggested that inviting Kim to Washington could be his next move after the June 12 Singapore summit).

As the meeting puts the fraying western relations on display, China and Russia are poised to present an image of fraternity and stability that no longer exists in the West. This will have long-ranging diplomatic implications for years to come.

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Argentina Peso Plunges To New Record Low

Last night, Argentina got 50 billion pieces of good news, when the IMF agreed to provide the troubled Latin American nation with a $50BN standby loan, the largest even in IMF history. It also got some bad news, when the central bank announced it would remove the 25/USD barrier it had imposed in early May to prevent an escalating currency crisis.

Well, this morning, contrary to expectations that the Argentina Peso would rise on the IMF loan, ARS resumed its selloff, and promptly breached the central bank’s 25/USD barrier, and plunging 2.3% to 25.55 .

The breach of the barrier shows that confused traders are seeking to find the “fair value” of the ARS after almost a month of living with a virtual cap. The move is also surprising as it contrasts with the positive impact from the IMF deal seen in sovereign bonds market, with Argentina’s century bond’s due 2117 dropping modestly by 18bps, to 8.02%

Meanwhile, there is the political blowback to consider: as Bloomberg notes, after the kneejerk reaction and market stabilization at a new level – assuming there is one – traders will start watching the steps govt will make to achieve the new fiscal targets as Argentina is well known for protests, and the latest round of IMF austerity in the form of cuts in jobs and government spending is unlikely to be achieved peacefully.

Meanwhile, as Bloomberg’s Sebastian Boyd writes, “given the pace of inflation, the peso needs to weaken just to maintain the real exchange rate, and arguably it should fall more than that. But today is going to be interesting. It looks as if the market wants to test the bank’s resolve again.”

As we reported yesterday, Argentina will seek a fiscal deficit/GDP of 2.7% this year and 1.3% in 2019; below the previous targets were 3.2% and 2.2%, respectively; the country is expected to balance its budget in 2020.

Ironically, even as the Brazilian real is stabilizing, for now, after last night’s central bank intervention, the EM selloff in Latin America for now has merely jumped borders across to Argentina. The question is whether the central bank will be forced to intervene again.

* * *

Finally, keep the following chart from JPM in mind,: it shows why of all EMs, Argentina and Turkey are by far the two nations most likely to collapse first:

Putting Argentina in context, JPMorgan’s cluster model illustrates how risky the Latin American country has been for investors. In the chart below, the closer countries are to each other, the more similar they are with respect to competitiveness, regulation, investor protections, labor markets and ease of doing business. Like Bangladesh and Zimbabwe, Argentina lies at the outer edge of this known universe, far from other EM countries like China, Peru, Indonesia and Mexico and Vietnam, and lightyears away from the developed world. Only in a world of financial repression by central banks could a country like this issue an oversubscribed 100-year bond.

 

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Trump Wants Russia Back in the G7: Reason Roundup

As Trump heads to the G7 meeting, he’s still obsessing about Russia. After heckling Canada about the War of 1812 earlier this week, President Donald Trump is headed up to our northern neighbor to meet with other world leaders for the G-7 summit. It is not expected to go smoothly.

This morning, however, Trump seemed to be in high spirits about the day’s events:

But Trump himself couldn’t stop talking about Russia on Friday morning, suggesting to reporters that it was unfair to exclude Vladimir Putin from the gathering:

It doesn’t matter what you call it. It used to be G-8, now Russia is out. Why are we having a meeting without Russia? Would recommend Russia should be a part of it.

The summit, which takes place in the Quebec town of La Malbaie, has drawn a wave of Quebec City protests that are being reported alternately as “mostly peaceful” and as a night of “violent protesters throw[ing] flares and burn[ing] flags in standoff with police.”

FREE MARKETS

The final nails in pot prohibition’s coffin? The “Strengthening the Tenth Amendment Through Entrusting States” (STATES) Act, introduced by Sens. Cory Gardner (R-Colo.) and Elizabeth Warren (D-Mass.) yesterday, would “amend the Controlled Substances Act to provide for a new rule regarding” marijuana. Under the bipartisan proposal, the federal ban on weed would “not apply to any person acting in compliance with State law relating to the manufacture, production, possession, distribution, dispensation, administration, or delivery of marihuana.”

At a press conference, Gardner complained that cannabis entrepreneurs in states where weed is legal “can’t get a bank loan or set up a bank account because of the concern over the conflict between the state and federal law. We need to fix this public hypocrisy.”

See Gardner and Warren’s full statements below:

FREE MINDS

“A former Senate Intelligence Committee aide was arrested on Thursday in an investigation of classified information leaks where prosecutors also secretly seized years’ worth of a New York Times reporter’s phone and email records,” the Times reported on Thursday.

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Goldman Urges “De-Risking Strategies In Stocks” As Credit Tumbles

It’s deja vu all over again in the US (and European) capital markets as credit markets have dramatically diverged weaker (as stocks extended gains, ignoring every risk that is thrown at them), just as we saw in January, before the February reality check… and Goldman is worried.

Over the past month, US Investment Grade credit has steadily underperformed its corresponding equities, punctuated by a significant credit widening yesterday. Despite CDX IG 5Y widening 3bps yesterday afternoon to 67bps, there was little SPX reaction and only a modest rise in the VIX

Benchmarking the divergence:

We estimate the equities corresponding to the names in the CDX IG Series 30 are up 3.5% in the past month while a risk equivalent investment in CDX IG 5Y is down 2.8% (selling protection at 12x hedge ratio).

Relative to volatility over the past year, credit has underperformed equity by 3.1 standard deviations over the past 2, 4, 6 and 8 weeks when compared to these same rolling periods over the past year.

This compares to a 2.7 standard deviation dislocation when we last wrote about a similar divergence in January.

What might this mean for forward equity returns? 

Over the past year, when credit has underperformed equity by an average of 1 standard deviation over a 2, 4, 6 and 8 week period (12% of observations), equity was down an average of -2.3% over the subsequent month. When credit OUTperformed equity by more than 1 standard deviation over a 2, 4, 6 and 8 week period on average (8% of observations), equity was up an average of 2.4% over the subsequent month.

Goldman’s suggestion:

We see this difference as significant and leads us to favor de-risking strategies in equities.

And it’s not just US markets.

While there has been a similar divergence in credit and equity in Europe (exhibit below), the divergence is less notable in our opinion because European equity has traded down on an absolute basis.

This suggests European equity investors are already focused on the risk and the debate is about magnitude rather than direction. US equity investors are, in contrast, bidding up stocks despite this growing international concern.

Simply put, there is a higher potential for equity investors to recognize European issues as a threat to global growth than for US credit investors to shrug off European risks as irrelevant for US companies.

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Trump’s Zero Tolerance Cruelty at the Border

Almost every president in the last 40 years has declared zero-tolerance for something or the other to advance his pet cause. For most people, this is a feel-goodBorder families slogan that doesn’t mean much. That, however, is mistaken.

Zero tolerance is a uniquely horrible approach that has wreaked havoc wherever and whenever it’s been deployed whether to fight drugs (Ronald Reagan), school violence (Bill Clinton), or, now, immigration (Donald Trump). (Colleges and companies too have ruined lives and upended livelihoods by taking a zero-tolerance approach to sexual harassment, racism etc.)

Its fundamental premise, I note in The Week, is that the cause these policies aim to advance is so righteous that authorities have impunity to go after minor offenses with maximal force. It hands those in position of power carte blanche to act lawlessly themselves to make everyone else live by the rules: Rule of law for ordinary mortals, but more power for them, the exact opposite of what is supposed to happen in a democratic republic.

Hence, toddlers who bring toy guns to schools—or non-violent drug offenders like Alice Johnson whose life-sentence Trump just commuted because Kim Kardashian was moved by her plight—get savagely prosecuted while the authorities make out like bandits through civil asset forfeiture laws.

So no one should be surprised that when the world’s most powerful leader deploys these policies against the world’s most powerless people—migrants—the results are deeply ugly as people fleeing violence and poverty are treated like Pablo Escobar, thrown in detention camps, their kids ripped from them.

Go here to read the whole thing.

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China To Send Fighter Jet Escort For Kim When He Arrives In Singapore On Sunday

In the latest sign that the Singapore summit between the US and North Korea wouldn’t be happening without China’s permission, China’s leaders are reportedly considering whether to send fighter jets to escort North Korean leader Kim Jong Un as he travels through Chinese airspace during his trip to the island city-state, according to the South China Morning Post, a Hong Kong-based newspaper with close ties to the regime.

“Escorting [a head of state] with jets is one of the highest security protocols that the air force can provide,” a South Korean source told SCMP.

Other high-ranking South Korea sources reportedly speculated that China is looking to send a clear message: This summit wouldn’t be possible without our explicit approval. “If China does provide the escort, it may be a message directed at the US-ROK alliance that China is strongly backing up the Kim regime,” the source said, referring to South Korea’s official name, the Republic of Korea.

China

Kim Jong Un is famously paranoid about his security. In his first documented trip outside North Korea since ascending to the position of head of state, Kim traveled to China in secret aboard an armored private train. Details of Kim’s route as he travels to Singapore will be handled with the utmost secrecy (Singapore is roughly 4,000 km – or 2,490 miles – from Pyongyang). The regime is taking “extra care” to ensure that the 34-year-old leader makes it to the summit in one piece.

“The number of guards and Kim’s travel routes will be North Korea’s biggest security concern in Singapore,” said Lee Yun-keol, who worked in a North Korean Supreme Guard Command unit – the personal bodyguard force tasked with protecting the Kim family – before defecting to South Korea in 2005.

“Kim is also likely to fly to Singapore through China’s airspace to ensure his security, so that he gets China’s protection on his way to Singapore,” Lee said.

Meanwhile, as preparations for the summit continue, Singapore’s Foreign Minister Vivian Balakrishnan is traveling to Pyongyang for a brief meeting with the North Korean leadership. Balakrishnan will meet with Ri Yong-ho and Kim Yong-nam, NK’s foreign minister and the president of the Supreme People’s Assembly. The two sides will likely finalize security preparations during the meeting.

While it’s common for foreign leaders to be escorted by air force jets, it’s unusual for those jets to belong to a third-party country, said Hong Kong-based analyst Song Zhongping

“Usually, a leader’s plane will have a close escort by air force fighter jets before they arrive at the border, and usually the host country will send fighters to wait for them at the border – it’s like a relay in the air,” Song said.

“So theoretically it will be the duty of the Singaporean government to escort Kim’s plane when it enters Singaporean airspace,” Song said.

Despite Beijing taking the issue under serious consideration, it’s unlikely that Chinese jets will be able to escort Kim all the way to his destination. While China controls most of the South China Sea, once the jets enter Singaporean air space, it will become the duty of the Singaporean government to safeguard KJU. Though one analyst pointed out that the presence of the jets likely wouldn’t be a contentious issue since they will be unarmed, according to Yue Gang, a retired People’s Liberation Army colonel who is now a military analyst.

During Kim’s first overseas flight when he visited the Chinese coastal city of Dalian, he rode aboard what the SCMP referred to as “North Korea’s Air Force One” – a four-engine modified Soviet jet Ilyushin Il-62M.

In a sign of just how seriously authorities in Singapore are taking security ahead of the summit, the Daily Beast is reporting that police in Singapore have arrested a Hong Kong-based entertainer who’s known for his impersonation of Kim Jong Un.

Indeed, the resemblance is striking:

IMP

The impersonator was detained at Changi Airport on Tuesday. “They asked me about what my political views were and if I had been involved with protests or riots in other countries. I feel they were trying to intimidate me, but if I got deported it would have been big news.” Howard said he was released after two hours. For those keeping track at home, that’s the same airport that Kim is expected to fly into on Sunday ahead of the summit. The US has Paya Lebar air base nearby, which includes white-topped helicopters commonly used for transporting high-ranking officials. But it’s unclear what security protocols Trump will be using, according to Reuters.

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Trump Says Russia Should Be Back In The G7; Ruble, Russian Stocks Jump

On his way to what may be the most entertaining and confrontational G7 meeting in history later today in Toronto, president Trump made sure that the animosity with which he is met by the rest of the world leaders was cranked up to the max, when he told reporters this morning that Russia should be attending a Group of Seven nations meeting.

“It used to be the G-8 because Russia was in it and now Russia’s not in it. Now, I love our country, I have been Russia’s worst nightmare. I think Putin is probably going “man I wish Hillary won” cause you see what I do, but with that said, Russia should be in this meeting. Why are we having a meeting without Russia being in the meeting. And I would recommend that Russia should be in the meeting.

Whether you like it or not, and it may not be politically correct, we have a world to run and in the G-7, which used to be the G-8, they threw Russia out they should let Russia come back in cause we should have Russia at the negotiating table.”

Trump’s comment, which will surely be spun as having come straight from Putin’s brain-control device, the same one that got a few million middle class Americans not to vote for Hillary, prompted a spike in both Russian stocks…

… and the ruble.

Trump wasn’t done however, and on his way to Toronto also told the press pool that he was considering a pardon for Muhammad Ali, not for OJ; countered that he is, in fact, preparing for the Kim summit, has been “preparing all his life”; was not planning to invite LeBron or Curry to the White House, and said that athletes mad at him about the National Anthem flap can send him stories about police injustice and request pardons for those involved.

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Kurt Loder Reviews Hereditary and Ocean’s 8: New at Reason

Horror begins at home in the terrible world of Hereditary, a maximally disturbing first feature by writer-director Ari Aster. The home at the center of things is a big rambling wooden house inhabited by the Graham family: amiable psychotherapist Steve (Gabriel Byrne), his tightly wound artist wife Annie (Toni Collette), their stoner son Peter (Alex Wolff) and strange younger daughter Charlie (Milly Shapiro). In addition to this main domicile, there are also the miniature houses Annie builds in her workshop for exhibition in art galleries—scaled-down structures in which she sometimes stages unsettling domestic scenes from her troubled life. Then there’s the imposing treehouse out in the family’s woodsy backyard, which gives off an eerie red glow late at night. (A reasonable explanation for this is suggested along the way, but do keep wondering.)

The movie is a very grown-up undertaking, writes Kurt Loder in his latest review for Reason. Check out the whole thing as well his review of Ocean’s 8 at the link below.

View this article.

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Frontrunning: June 8

  • Trump vows to ‘straighten out’ G7 trade ahead of tense meeting (Reuters)
  • With Kim, Trump trusts his gut over note cards (Reuters)
  • First Argentina, Then Turkey, Brazil. Now South Africa Reels (BBG)
  • These Are the Dealmakers Behind Trump and Kim (BBG)
  • Trump Scorns ‘Unfair Trade’ at G-7, Maps Plan to Exit Early (BBG)
  • China’s ZTE apologizes, pledges reboot after U.S. reprieve (Reuters)
  • China’s $11 Trillion Bond Market Tested by Rising Defaults (BBG)
  • Verizon CEO to Retire, Succeeded by a Newcomer (WSJ)
  • The Economic Policy Proposals of Brazil’s Top Presidential Hopefuls (BBG)
  • Inside Tesla’s Model 3 Factory (BBG)
  • German Industry’s Bad News Just Keeps Coming (BBG)
  • Money Markets See Biggest Inflows Since 2013 in Run for Cash (BBG)
  • One NYC Developer, Two Projects and $3.4 Billion of New Condos (BBG)

Overnight Media Digest

WSJ

– A veteran Senate staffer, James Wolfe, has been indicted as part of a probe related to the unauthorized disclosure of classified information that has also obtained the records of a New York Times reporter. on.wsj.com/2LuBYcM

– China’s Ant Small and Micro Financial Services Group Co on Friday said it raised around $14 billion from domestic and global investors in one of the largest private-capital raises on record. on.wsj.com/2sGXvrz

– A long-awaited watchdog report that is expected to criticize the Justice Department’s handling of the 2016 investigation into Hillary Clinton’s private email server will be released next Thursday, according to a letter to Congress from Inspector General Michael Horowitz. on.wsj.com/2kWkKd3

– Russian President Vladimir Putin asked Austria’s chancellor to organize a meeting with U.S. President Donald Trump in Vienna this summer and the White House is pondering the offer. on.wsj.com/2Jqy3wP

– Members of Congress have begun scrutinizing Google Inc’s relationship with China’s Huawei Technologies Co, roping in another Silicon Valley giant into Washington’s escalating digital cold war with Beijing. on.wsj.com/2Jm0zUe

 

FT

UK Foreign Minister Boris Johnson has been secretly recorded blaming the Treasury for being “the heart of Remain” and revealing fears that his own vision of Brexit was gradually being betrayed by Prime Minister Theresa May. on.ft.com/2kTU3p6

Geordie Greig has been named editor of the Daily Mail, following the departure of Paul Dacre who will step down from the role in November after a career spanning 26 years in charge. on.ft.com/2kX7WTH

TSB chief executive Paul Pester has been called into question by a committee of MPs who have lost confidence in his ability to deal with the consequences of the bank’s IT crisis. on.ft.com/2kTUjo4

Lloyds Banking Group Plc has cut its last ties to Standard Life Aberdeen Plc after the British bank launched a sale of its 3.3 per cent stake in the FTSE asset management group over soured relations caused by a disputed fund management contract. on.ft.com/2kTHaLP

 

NYT

– President Trump handed the Chinese telecommunications firm ZTE Corp a lifeline on Thursday, agreeing to lift tough American sanctions over the objections of Republican lawmakers, his defense advisers and some of his own economic officials. nyti.ms/2xPEYhW

– Amazon.com Inc, which is increasingly pushing beyond its e-commerce origins, won rights on Thursday to broadcast Premier League games in Britain for the first time. nyti.ms/2Hvcc5E

– Greg Berlanti, executive producer of “Riverdale,” “Blindspot” and “Arrow,” among others, has signed a new deal that will keep him at Warner Bros for six more years, the studio owned by Time Warner Inc announced on Thursday. nyti.ms/2JEE4cD

– The Trump administration, after heavy lobbying by the chemical industry, is scaling back the way the federal government determines health and safety risks associated with the most dangerous chemicals on the market, documents from the Environmental Protection Agency show. nyti.ms/2sRdEtG

 

Britain

The Times

The London Stock Exchange suffered a setback earlier on Thursday after the start of share trading was delayed by an hour due to what it described as “a technical issue”. (bit.ly/2Jz9QYr)

SSE Plc has agreed to pay 1 million pounds ($1.34 million) to help vulnerable customers after Ofgem found that it had wrongly told households that they could not save money by switching. (bit.ly/2JEcbkQ)

The Guardian

The board of Marks & Spencer Group Plc has blocked annual bonuses for its top executives after the chain’s plunge in annual profits meant shop-floor staff would not qualify for payouts. (bit.ly/2JxIhyK)

At least 11,000 jobs are at risk as House of Fraser prepares to close more than half its UK stores and Poundworld teeters on the brink of administration, in the latest blow to the high streets. (bit.ly/2sFn8c9)

The Telegraph

The City watchdog has come under pressure to reconsider the legitimacy of Russian oil major Rosneft’s listing on the London Stock Exchange from Labour MP Stephen Kinnock. (bit.ly/2HsFOkc)

U.S. drug giant Pfizer Inc has won its appeal against a record 90 million pound fine levied against it and UK manufacturing partner Flynn for allegedly “price gouging” the National Health Service by jacking up the price of an anti-epilepsy drug by more than 2,000 per cent.(bit.ly/2sD7EWo)

Sky News

Beleaguered TSB Chief Executive Paul Pester found himself under further pressure to keep his job after MPs said they had “lost confidence” in his ability to lead the troubled bank. (bit.ly/2JE66Vy)

Geordie Greig has been named the new editor of the Daily Mail, taking over from Paul Dacre. (bit.ly/2sCQ1WK)

The Independent

A deputy governor of the Bank of England, Dave Ramsden, has said its view that the economy’s first quarter slump was mainly due to the snow is being vindicated by the economic data. (ind.pn/2JDQvWb)

Half of people due to retire this year are considering working past the state pension age, according to new research by Prudential. (ind.pn/2sFDiSS)

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Bitcoin Buying Is On The Rise Again In Venezuela

Authored by Ana Berman via CoinTelegraph.com,

Venezuelans’ interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange.

Venezuela experienced its first cryptocurrency boom in early 2017, when a record volume of 805 bitcoins exchanged in a week was set.

Venezuelan bolivar to Bitcoin exchange volume. Source: LocalBitcoins

Following that, the level of interest towards crypto in Venezuela dropped, coinciding with a decline in trading volume to as low as 150 bitcoins bought per week.

However, according to Criptonoticias, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela, as evidenced by LocalBitcoins data. The volume of Venezuelan bolivar to Bitcoin exchange increased by 138% from March to April, and by 39% more from April to May.

The first week of June was in line with this tren, Criptonoticias points out. Over the last week of May some 4.9 trillion bolivars were spent on bitcoins, while the first week of June had seen the volume grow by 40.8% to 6.9 trillion.

Criptonoticias links the growing interest towards Bitcoin to hyperinflation in Venezuela. As bolivar keeps falling, in late May hyperinflation in the country surpassed 25,000%, according to Forbes.

As per Similarweb, Venezuelans comprise the largest share of Localbitcoins’ audience, followed by visitors from the US and the UK.

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