Following the integration of a Peer-to-Peer (p2p) platform, Bitcoin trading volumes have been recorded at peak levels in Argentina, Venezuela, and Egypt since the start of 2018. Majorly, it would appear that the favorable laws and environment created by these countries is a significant catalyst to the rise in the volumes.
Argentina: the Bitcoin Haven
Given the looming economic crisis accounted for in Argentina, it is hardly surprising that the country seems to a haven for the mass adoption of Bitcoin. Reports cited the significant decline of the Argentinean Peso against the dollar as a major reason for the reliance of the residents on Bitcoin.
Commenting on the high rate of exchange of the Peso with Bitcoin, Economist, and Mathematician, D.H. Taylor explained that the cryptocurrency is admittedly a more secure way amassing their wealth.
“Argentinians are moving in large numbers out of their peso and into a more stable currency, Bitcoin. […] The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”
While the devaluation of the Peso seems to be a major reason for the influx in trading, Argentina is remarkably a more relaxed environment for the trade. The Central Bank of Argentine Republic (BRCA) recently released a new regulation which basically allows the installation of crypto-ATMs in non-banking establishments.
Bitcoin: The Venezuelan Necessity
With a reference made to the economic downturn in Venezuela, it is would hardly come in a shock that the adoption of Bitcoin in the country has been noted to have attained remarkable heights.
According to the data from Coin Dance, despite the instability of the market and the decline of the price of Bitcoin, the trading volumes in Venezuela had reached new heights. Charts show that the trading volume records for October 2018 have been set at about $14.8 million.
Reports cite the Venezuelan government’s attempt at promoting the country’s own cryptocurrency, Petro, as another reason for the adoption of a more relaxed stance on Bitcoin trading.
Post P2P BTC Trading in Egypt and Others Nations
Though Egypt is not necessarily in the middle of an economic crisis, Egyptians have been reported to have traded more than one million pounds worth of Bitcoin. P2P Bitcoin trading has also gained significant attention nations like Mexico, Chile, South America, and Columbia.
However, a massive decline has been recorded in Europe with Switzerland and Croatia admittedly sporting their lowest levels since 2018.