Argentina, Colombia and Venezuela break record of crypto trading
Venezuelans are the ones who buy bitcoins the most in the region and spent USD 1 million a day during the past week
The increase in the prices of bitcoin caused that last week hundreds of people turned to do an infinite number of transactions through Localbitcoins. In some countries, another local phenomenon must be added and it is inflation.
Inflation makes the local currencies of Argentina, Colombia and Venezuela increasingly worth less, so in those countries of South America there was a record in transactions calculated in local currency, using the platform mentioned above.
For example, Argentina had its largest historical volume of transactions in pesos through the p2p platform. In just one week transfers were made for 12.8 million Argentine pesos. The highest amount ever traded. For its part, the amount of bitcoins exchanged was not as high; it was 44 bitcoins.
In Colombia, there was also a flood related mainly to the amount of bitcoins and the increase in the value of each one. Last week trading reached more than 10 billion Colombian pesos. Meanwhile, Colombians bought 560 bitcoins between May 5 and 11.
The case of Venezuela is the most peculiar and complex of all because the increase in the value of bitcoin is added to the hyperinflation that exists in the country. Every week, Venezuela seems to break its own record in value of transactions in local currency. This time, 40 billion bolivars were traded; and Venezuelans acquired 1,175 bitcoins.
L.Sáenz
Source: Diario Bitcoin
