Nicolas Maduro, Venezuela, Bitcoin
Venezuela’s government has accused Colombia of backing a violent anti-Maduro plot as the country with the world’s largest oil reserves hits record bitcoin trading volumes. | Source: REUTERS/Manaure Quintero/File Photo

The number of Bolivars exchanged for Bitcoin in Venezuela has surged to yet another record high as economic and political woes of the Latin American country continue to worsen.

According to Coin.Dance, during the week that ended on August 31, nearly 115 billion Bolivars were exchanged for Bitcoin. This exceeded the previous record of close to 78 billion Bolivars, an increase of nearly 47 percent.

Bolivars-to-Bitcoin trading volumes on LocalBitcoins

Is a coup in Caracas in the offing?

The record amount of Bolivars used to purchase Bitcoin coincides with reports indicating the possibility of military intervention as a way of solving Venezuela’s long-running political and economic crisis emerging.

Late last week the Venezuelan Communications Minister Jorge Rodriguez alleged on state TV that paramilitary training camps had been set up in neighboring Colombia with a view of undermining the government of President Nicolas Maduro.

According to ABC News, Colombia is backing a campaign by the opposition leader of Venezuela Juan Guaido to oust Maduro from power.

Trump has Venezuela opposition leader’s back

The U.S. also supports Guaido. At the beginning of the year, President Donald Trump recognized Guaido as Venezuela’s interim leader.

But even as the talk of a military intervention grows, the U.S. has, however, ruled out that option. This is according to the Charge d’Affaires of the newly opened U.S. representative office Venezuela Affairs Unit (VAU), James Story:

What we want is not a military intervention by the international community, but rather a peaceful, political and democratic resolution (of the crisis) based on Venezuela’s constitution.

The VAU is based in Colombia and has been formed to offer U.S. diplomatic representation in the interim government of Guaido.

Last week reports also emerged that Maduro had been offered amnesty by the U.S. if he voluntarily left power. Maduro has previously rejected a similar offer.

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