Venezuela and Argentina Both Witness Spike in Bitcoin Buys As Per New LocalBitcoins Data

Crypto markets in South America, namely Venezuela and Argentina, see uptick in activity and volume per LocalBitcoins data after Central Bank blocks buying bitcoin and Petro controversy.

Data provider, Coin Dance, recently found interesting Bitcoin buys on Saturday, November 10th reports Coin Telegraph. In particular, Argentina and Venezuela have both witnessed increased Bitcoin buys.

As per the news outlet, the reason for spikes in Argentina could have resulted from its Central Bank’s recent ban on bitcoin and other cryptocurrencies using credit cards.

To put things into numbers, Venezuela supposedly traded 142.9 billion sovereign bolivars (VES) while Argentina managed 19.4 million pesos (ARS), both in the span of just last week.

As for Bitcoin, both countries witnessed significant increases, which could imply that their respective national currencies are potentially weakening. The latter isn’t surprising considering the inflation problem that both countries continue to face. That said, Venezuela supposedly traded $5.5 million worth of BTC, while Argentina did $263,000 worth.

Co-founder of Ledn, Mauricio Di Bartolomeo was referenced expounding on the reason why Venezuelans are choosing cryptocurrencies over fiat currency. “Printing physical worthless money is expensive and has challenging logistics.”

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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