A study showed that in the context of the coronavirus pandemic and increased inflation, Bitcoin (btc) transactions across Latin America are on the rise, pushing the number to a record high and putting Venezuela and Colombia at the top of the list.
Latin America sees bullish trend in Bitcoin P2P transaction volume
According to data from the peer-to-peer (P2P) bitcoin market Localbitcoins, Venezuela (still the world’s second largest bitcoin trader with a market share of 12.3%) and Colombia (11.3%) both account for more than 23% of global transaction volume. Platform in 2020.
However, Russia is still the leader because it has the largest volume of Localbitcoins in the world, with a share of 17.4%.
Although these three countries have experienced different economic realities, the report pointed out that their people have a strong interest in Bitcoin-related research has witnessed this in the cryptocurrency adoption data.
In the case of Venezuela, the country has been facing hyperinflation, leading to a depreciation of the value of fiat currency, which has led to an increase in citizens’ interest in cryptocurrencies. Localbitcoins claims that these factors have affected Colombia’s transaction volume, which in turn has further increased the country’s interest in Bitcoin.
Bitcoin transactions in other Latin American countries have increased
The report also mentions that Argentina, Chile and Brazil, due to the uncertainty surrounding their economies (mainly due to the ongoing blockade), the volume of Bitcoin transactions through the P2P market has been increasing.
Colombia is witnessing a surge in the number of Bitcoin ATMs installed. According to the latest statistics released by Coin ATM Radar, as of press time, the country has 60 ATMs, ranking first in Latin America with the largest number of Bitcoin ATMs.
After Cryptobuyer announced on November 28 that all Pizza Hut restaurants in the country now accept cryptocurrency, Venezuela has recently made headlines in the crypto community.
However, the overall economic situation in Venezuela is still quite severe. According to the latest data compiled by Statista, the country ranks first in the global inflation rankings in 2019, with an annual inflation rate of over 19,000%.
What is your opinion on the numbers presented in the research? Let us know in the comments section below.
Also, be sure to check local.Bitcoin.com, which is a private peer-to-peer platform, where you can find others who are interested in BCH exchange for local currency through blind escrow smart contracts.
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