The transactions are made on the Localbitcoins platform. Eight of every 10 BTC traded in Latin America are exchanged in Venezuela and Colombia
The economic crisis and the hyperinflation that seize Venezuela are not an impediment for that South American country to become the second in the world in Bitcoins (BTC) commercialization.
Until November 24th, about 1,190 BTC were sold in Venezuela, whilst if only the monthly volume produced is studied, this country is tied with The United States.
During November, around 4,352 BTCs were commercialized on the P2P (peer to peer) platform Localbitcoins, including 1,190 in the last week of that month.
The United States and Venezuela were tied with 4,354 and 4,352 BTC, respectively, which means that the Caribbean country twice outperformed the United States in terms of weekly volume. This is how the historical level of BTC in Localbitcoins and the weekly record has been almost totally conquered by the region located in northern Latin America.
It is increasing
In August, Venezuela reached the third position, with 2,103 BTC traded on the platform. Now, in December, and only three months after this feat, it managed to double the monthly volume.
BTC volumes from the United States and Venezuela remain close, could only be reached by those in Russia, according to data provided by the Finnish startup Localbitcoins and Coin Dance.
Since August, Venezuela and Colombia are the two countries which dominate the positions in the rest of the South American countries. Both continue to represent more than three-quarters of BTC exchanged in Latin America.
Four months ago, the two countries achieved 78% of dominance and in November in increased to 81.5%. The domain of the first one is 58% on the group of countries with the largest movement of bitcoins in the region. None of the other countries exceeds 10%. In fact, eight of every 10 BTC traded in Latin America are exchanged in Venezuela and Colombia.
Faced with the sustained fall in Bitcoin’s price, its ups, and downs, as well as happens with other cryptocurrencies and in the crypto market in general during 2018, the volume exchanged of BTC in Venezuela increases month by month.
Whilst the price of bitcoin has fallen back to 75%, which is the highest position it has reached so far this year, the weekly volume exchanged in Venezuela at Localbitcoins has grown up to 387%.
In August, after the monetary reconversion that the country suffered as part of the last economic announcements, some Venezuelan people have resorted to mining, buying and selling BTC as an alternative.
This is how the monthly BTC exchange volume has grown to over 72%. A few days ago, the president of Venezuela, Nicolás Maduro, increased the national minimum wage to Bs 4,500 and the value of Petro, the cryptocurrency of that country, stood at Bs. 9,000.
Some analysts believe that the indicator continues its path of increase during December, this is because, with each new wage increase, as the one recently announced, basic products also increase their cost and citizens seek other options, new businesses and to do this they take advantage of the crypto market. Some companies even resort to BTC or dollar payment as a solution.
In the coming days, most likely, this behavior will continue to be observed, due to the corresponding purchases and expenses to the end of the year.
By María Rodríguez