Venezuela, Argentina, Colombia, and Peru are some countries that are affected a lot by inflation and government policies that have caused widespread panic and rejection of the government currencies. People of these countries tried to find respite in US dollar but since its inception, Bitcoin has gained more attraction and affection by developing countries.
As per the data obtained from Coin Dance, the weekly local Bitcoin volume for Colombia has increased more than twice in the past four months.
In a comparison of the weekly volume of January 2017 to that of January 2019, it can be seen that the weekly Bitcoin volume has increased from a mere 135 BTC to 364 BTC. However, the BTC trade weekly trade volume reached a maximum of 759 BTC in the last week of 2018.
The same can be observed in Columbia’s neighboring countries which are affected by hyperinflation causing the fiat currencies of the country to lose its value.
Venezuela’s weekly Bitcoin Volume has increased 11 BTC in the first week of January 2017 to a staggering 190 BTC in the first week of January 2019. However, a similar trend can be observed in the weekly Bitcoin volume in the last week of December 2018, where the trade volume was at 252 BTC.
The weekly Bitcoin volume for Peru can be as seen in the chart below. The weekly Bitcoin volume in the first week of January 2017 was 17 BTC but the volume has risen to 190 BTC in the first week of January 2019.
@toyhousevzla, a Twitter user commented:
“here is the answer,,, 1 december bolivar 430 per $. 1 january bolivar 750.. today 2800 bolivar per $, the inflation is brutal, If you can’t find dollars to buy on the street the easiest way is through btc and is more expensive like 20%”
Another user, @cryptoNinja35 commented:
“Imagine how much wealthier they’d of been if they had been buying stable coins?”
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