- Venezuela buys millions of dollars worth of Bitcoins while Peru registers a boost in Bitcoin transactions
- Countries like Colombia and Iran are also seeing growth
Interest in Bitcoin seeing Substantial Growth
According to the data provided by LocalBitcoins, a peer to peer exchange that is used to buy or sell Bitcoins for cash all around the world, countries like Venezuela and Peru are seeing substantial growth in Bitcoin transactions.
Venezuela, the country which is currently experiencing hyperinflation has its currency Bolivar running into the ground where one cup of coffee now costs one million Bolivars. The minimum wage in the country is about $6 (approx.) and its currency is in the deep throes of economic crisis. With its currency becoming worthless, people are turning towards cryptocurrencies especially Bitcoin.
Bitcoin transactions in Venezuela on LocalBitcoins, Source: Coindance
During the Christmas week, the exchange registered the highest volume in the history. In that week, about 1974 BTC were exchanged that as per the average BTC price of $3,800 at that time equals $7.5 million.
This means, Venezuelans traded about $1 million a day in Bitcoin. The second week of January also saw an exchange of 1309 Bitcoins that on the basis of $3,800 average price amounts to about $5 million.
Apart from Venezuela, other countries like Mexico, Brazil, Argentina, and Chile are also recording significant growth. Colombia registered its highest figure at 759 BTC.
Bitcoin transactions in Colombia on LocalBitcoins, Source: Coindance
The third country with the highest Bitcoin trading volume is Peru that saw the trade of 251 BTC.
If we take a look at one year chart, with about 250 percent growth in 2018, Peru marks the highest growth in the Bitcoin market as stated by Long Hash.
Though these countries still amount to a small percent of the global trading volume, the fact that Bitcoin trading is gaining traction in these countries is a point worth noting. What’s even more amazing is the fact that in Venezuela where people are surviving on about less than a dollar a day, are turning towards Bitcoin.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.