Cryptocurrency

Good for BTC: Bitcoin Trading volume increases in troubled economies more

The idea that Bitcoin as a safe haven or a hedge against a faltering world economy can function, will continue to be discussed in detail. The Use of the crypto-currency in countries whose economies are already under pressure, significantly on the Trading volume – such as in Venezuela and Hong Kong.
In several crisis-stricken countries, the citizens are worried because their savings and the General currency holdings by the Hyperinflation and other geopolitical reasons for quickly less.
The unrest in Venezuela, the economic difficulties in Argentina and the protests of the Hong Kong government have led to the fact that the citizens are looking for alternative investments.
Data from the Peer-to-Peer Bitcoin Trading platform local bitcoins, according to the increase of the Trading is to observe economies of volume is strongest in countries with troubled economies, particularly in South America. If one compares 2019 to 2018, shows that the Bitcoin Trading volume has increased with the advent of economic problems.

Major problems in the country

The problems that Venezuela 2019 to stand, it was reported by the main news channels in detail. The socialist Regime of Nicolas Maduro met with civil unrest and Coup attempts faced. This, in turn, led to the national currency, the Bolivar, had to always lose more and more value.
So Bitcoin has been a popular choice for the Venezuelans, in order to secure the value of your money. Due to the partially Maduro is. The Venezuelan President launched a government-supported, Oil-bound Stablecoin by the name of Petro – and no doubt contributed to the civilian population about crypto-currencies in General to educate.
Until 2019 305,9 million dollars were traded on local bitcoins in Venezuela, with Colombia and Peru were with 134.2 million, or 45.5 million dollars in second and third place. Other important countries of Hong Kong, which has developed in the midst of government protests literally a breeding ground for crypto-currency activities, as well as the Iran.

Bitcoin as a growing Trend

Another interesting Trend that can be observed within these troubled countries: the increase in the Trading volume from 2018 to 2019. For Venezuela, which stands at some distance at the top of the Trader, was the growth up to 2019 is rather small, it increased by only 33 percent.
The country that recorded in 2019, the largest increase in local bitcoin volume, with a growth of almost 70 percent in Egypt. Countries such as Hong Kong and Iran were from 2018, even on the decline, however, this could have a lot to do with the policy taken by the respective governments, the Bitcoin-tie Trading to.
The local bitcoins data presented, draw the image of a prominent use case. The leading Nations are concerned about the possible threat of recession and the look on Bitcoins potential. The people in the already battered Nations be open to the importance of a decentralised and isolated financial system always obvious.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.