The South American countries of Venezuela, Colombia and Peru have all experienced record Bitcoin trading volume leading up to the Christmas period despite continued uncertainty in the cryptocurrency markets.
According to charts released by Coin Dance, a platform which tracks trading volumes on LocalBitcoins markets, Latin America is seeing record surges in Bitcoin trades whilst the rest of the world has remained relatively static.
With the International Monetary Fund (IMF) forecasting that Venezuelans face consumer prices that will “increase by 10 million percent over the course of 2019,” it is perhaps not surprising that much of the local population is seeking refuge from a deepening crisis by exploring accessible solutions outside of the traditional economic sphere.
Volatility is relative and, when compared to Venezuela’s fiat currency or the country’s fledgling Petro cryptocurrency, Bitcoin is being seen by an increasing number of Venezuelans as an attractive alternative.
The financial crisis that has engulfed the oil-rich country has also impacted neighbouring states as cash-strapped Venezuelans cross the border with neighbouring countries in search of work.
And it is thought that this migration may at least partially account for the rising Bitcoin volumes seen in both Colombia and Peru.
Readers who want to explore the charts at source can do so here.