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