A platform that monitors and tracks volumes on Peer-to-Peer Bitcoin exchanges like Bisq, Paxful and Localbitcoins, a considerable amount of fiat currency to crypto trade took place in South America last week, according to the data report from Coin Dance.
Venezuela Leading the Race
Of all the South American nations the crypto exchanging took place in, Venezuela is leading with a huge margin. Coin Dance reported that a total of 26.4 billion sovereign bolivars exchanged through the platform amid this week.
This high record of VES to Bitcoin trading in the country is reported as a result of the nation’s current economic issues, and the existing political unrest affects it. This isn’t the nation’s first time of recording high-level cryptocurrency trading volume as compared to the other South American nations.
The country inhabitants have expressed their faith in cryptocurrency, particularly Bitcoin and DASH, over the nation’s official currency, the VES or its highly-controversial state-backed cryptocurrency, the Petro.
As indicated by a Caracas-based consultant –
“Many Venezuelans are using Bitcoin to convert their bolivars, which are being permanently devalued by hyperinflation, to keep something of value.”
Eduardo Gómez, the head of support at Bitcoin marketplace Purse.io, in a recent tweet, said that Localbitcoins is one of the few firms having saved his life on multiple occasions.
Localbitcoins Usage Expanding in Troubled Economics
There has been an increase in the use of Peer-to-Peer platform on a global scale. However, this surge in usage is easily noticed in nations under sanctions or economic woes.
For instance, Colombia and Argentina have seen an increase in Bitcoin interest as its own economic troubles continue. As indicated by the data from Coin Dance, Argentinians put more pesos via Localbitcoins than ever before. A total of $2,43,000 reportedly changed hands last week.