A study revealed a rising trend in bitcoin (btc) volume trading across Latin America amid the coronavirus pandemic and rising inflation, pushing the figures to record highs and putting Venezuela and Colombia at the top of the ranking.
Latin America Sees a Bullish Trend in Bitcoin P2P Trading Volume
According to Localbitcoins, a peer-to-peer (P2P) bitcoin marketplace, both Venezuela – remaining as the second-largest bitcoin trader globally with 12.3% – and Colombia (11.3%) accounted for over 23% of the total trading volume on the platform during 2020.
However, Russia is still the leader as it holds the biggest Localbitcoins trading volume portion in the world, with a share of 17.4%.
Although all three countries experience different economic realities, the report pointed out that their populations share a strong interest in bitcoin – something witnessed already in crypto adoption figures by related studies.
In Venezuela’s case, the country has been facing hyperinflation, leading to a depreciation in fiat currency value and, in consequence, a boost of interest for cryptocurrency among citizens. Localbitcoins claims that such factors influence Colombia’s trading volume, which in turned has helped to boost bitcoin interest in the country even further.
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Other Latin American Countries Seeing a Boost in Bitcoin Trading Volume
The report also mentions Argentina, Chile, and Brazil, where
