People in Latin American Nations Showing More Interest in Bitcoin

News / 30.12.2019

For various reasons, people are becoming interested in the most renowned cryptocurrency worldwide. One of the reasons is financial hardship, as individuals from places where financial hardship is prevalent tends to have greater interest in Bitcoin.

A known fact is that nations in the Latin American region are experiencing financial struggle. However, such experience is relatively more obvious in Venezuela and Argentina than in other regions.

BTC is still popular in Latin America region. As 2019 is coming to an end, both Venezuela and Argentina continues to demand for Bitcoin. Inflation has been on the high side for many years and local residents are searching for alternatives.

The trading volume of Bitcoin is increasing despite that BTC is not the best known alternative. As regards LocalBitcoins, latest statistics appear quite remarkable.

In both areas, there has been a huge increase in P2P trading volume. However, Argentina is still behind Venezuela on this.

These surges occurred close to Christmas and it makes one to wonder why. This year, there has been a steady increase in the volume of LocalBitcoins in both countries.

Having said that, the trading volume increments were only a matter of time, as the financial status in Argentina is now quite critical. It is the same in Venezuela, even as domestic Petro crypto has refused to gain any traction.

Hence, it is possible for many people to still consider Bitcoin. If more people consider it, there should be an increase in weekly P2P trading volume.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.