Bitcoin Trade Volumes on the Rise Globally: Russia and Colombia Witness the Biggest Swings

As many of our readers might already be aware of, Bitcoin adoption is on the rise all across Latin America— especially in smaller nations such as Colombia and Venezuela.

In this regard, it is worth pointing out that peer to peer exchange, Localbitcoin, has witnessed a massive rise in its avg. trade volume within Colombia— with associated monetary figures now estimated to be around USD $3 mil. per week.

According to experts, a chunk of this rise can be attributed to Venezuelans living in Colombia who are sending their assets back home— since the Venezuelan economy is currently facing its worst ever inflationary crisis in recorded history.

In an interview with Matias Goldenhörn, Athena director of operations for South America, he stated that his company had already installed around 15 ATMs in Colombia (with more to come in the near future). He then went on to add:

“There are a lot of freelancers in Colombia who receive their payments in bitcoin and they use our ATMs to get their money in fiat and then there are people sending remittances to Venezuela are using them. Those are the two main users we have now in Colombia.”

Key Statistical Data to Consider

  • At press time, the Venezuelan crypto market handles “more bitcoin tx volume” than Colombia— with numbers estimated to be around 2,000 BTC per week.
  • Peru is another upcoming nation whose population is slowly starting to see more and more potential in digital assets. According to latest financial data, Peruvian exchanges witness tx’s worth 230 BTC on a weekly basis.
  • Mexican exchanges process around 100 BTC worth of tx’s per week while Argentina as a whole facilitates only 53 BTC worth of trades every seven days.

    Last but not least, it is worth pointing out that Brazil— a nation where cryptocurrencies have piqued the interest of the masses at large— isn’t witnessing too much crypto action (with figures from suggesting that the South American powerhouse only witnesses average trade volumes of 100 bitcoin per week).

However, this might be due to the fact that Brazilians have “easily accessible centralized crypto exchanges” that are way more easy to operate and use when compared to

Russians Seem to be Loving Bitcoin

One of the more unlikely countries where Bitcoin’s performance seems to be soaring is Russia. As per recently procured data, fiat-BTC volumes within the nation have witnessed a massive spike since November 2018. This seems to suggest that the flagship cryptocoin is being used within the nation as a “payment method” for buying/selling everyday goods and commodities.

LocalBitcoin data for Russia shows that the country currently facilitates transactions worth ₿3,500 ($14 million) per week— these numbers are more than double than that of North America and Europe.

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