According to LocalBitcoins data, P2P trading in Venezuela and Colombia represents more than 23% of Bitcoin’s trade. Excellent for them.
The political and social situation in Latin America, has led to an increase in the trade of cryptosystems. So, LocalBitcoins published an article, in which they point out that Venezuela and Colombia represent more than 23% of the Bitcoin trade.
Certainly, LocalBitcoins, founded in 2012, is the largest peer-to-peer Bitcoin market in the world. Through it, you can trade and invest in Bitcoin.
The Bitcoin Trade
Basically, the trade of cryptomonies in Latin America has been increasing. To the extent that two nations in this region lead, along with Russia, the Bitcoin trade.
According to LocalBitcoins data, together with the educational group „Satoshi in Venezuela“, they indicate that the main markets are
- Russia (17.4%)
- Venezuela (12.3%)
- Colombia (11.3%)
It’s true that, in Russia, capital controls and strict regulation may be the main reasons for Bitcoin’s popularity.
In fact, Venezuela, has held its own. As the second largest trader of so-called „digital gold“ in the world.
Also, other markets such as the United Kingdom (6.3%) and Nigeria (5%), also have a place in the world’s top 5. Similarly, Argentina, Chile and Brazil have also been relevant in terms of Bitcoin exchange volume through LocalBitcoins.
It’s worth noting that, all these countries have very different economic realities. But, what they share is a very strong interest in Bitcoin.
Venezuela and Colombia with BTC
In any case, the hyperinflation in Venezuela has led to the volume of Bitcoin exchange to increase considerably in the country. Therefore, such factors influence the volume of trade in Colombia.
According to LocalBitcoins, P2P trading in Venezuela, remains the second largest Bitcoin exchange in the world with 12.3%.
In fact, Vladislav Alimpiev, manager of LocalBitcoins, said: „Every week, we talk about an equivalent in American dollars. About 4 to 5 million dollars in Bitcoin are exchanged through our platform in Venezuela“.
Colombia, on the other hand, has 11.3%. That, combined, represents more than 23% of the total transaction volume on the platform, during 2020.
That is why Vladislav Alimpiev said: „Actually, their volumes are almost the same as Venezuela’s. They are only slightly less, about 3 to 5 million dollars compared to the amount of Bitcoin that is exchanged in Colombia every week.
In addition, Colombia is not only one of the leading nations in the Bitcoin trade. It also leads the Bitcoin ATM market in Latin America, with a total of 60 devices installed. All of this, according to data from Coin ATM Radar.
Similarly, Venezuela has been in the headlines recently. Specifically, in November, after Cryptobuyer, the Panamanian crypto coin platform, announced that Pizza Hut, would accept crypto coins.
To conclude, the crisis by the Coronavirus and the unrestrained inflation, have opened the eyes of the merchants. As a consequence, they have increased their appetite for Bitcoin.
I leave with this sentence from Art Linkletter: „I’ve learned that it’s always better to have a small percentage of a big success. One hundred percent of nothing.