The global appeal of Bitcoin cannot be underestimated. Some parts of the world show a bigger appreciation for cryptocurrency compared to the others. In Latin America, the demand for Bitcoin has picked up significantly over the past few months.
Venezuela and Colombia Lead the Charge
For a country where financial hardship is normal, demand for alternative assets will often tend to increase. Bitcoin has proven to be of great interest in the country. While no one knows how it is being used in the country, its local peer-to-peer trading volume has increased quite a bit. Over the past two months, very strong volume has been noted across both Paxful and LocalBitcoins alike.
In terms of overall volume, Venezuela generated over $21 million in the past month. This is a healthy increase compared to the volume of $19.4 million the month prior. It confirms there is a genuine market for peer-to-peer Bitcoin trading. Venezuela also remains the biggest market in Latin America, according to UsefulTulips.
Another major market for P2P Bitcoin trading is Colombia. Its volume is lower compared to Venezuela, but well ahead of other countries on the list. In Colombia, there has been a $2.2 million increase in monthly volume as well. A very interesting trend worth keeping an eye on. Latin America proves to be a very active market for Bitcoin, which can pave the way for other crypto assets in the future.
Others Parts of Latin America
Looking at the volume charts for all countries in Latin America, things have gotten quite interesting. Most countries note a monthly increase in P2P Bitcoin trading volume. Peru, Brazil, Mexico, Chile, and Panama all note modest volume increases. In the Dominican republic, there is a slight increase as well, but it is almost neglectable.
Other countries, such as Uruguay, Costa Rica, and Bolivia note barely any volume as of right now. It remains to be seen if that situation can improve in the future.
The only region where the volume declines is Argentina. While the difference is not all that big, it is a remarkable trend compared to other parts of Latin America. A near $200,000 decline in volume is not something to be concerned about.
However. given Bitcoin’s somewhat promising momentum lately, one would expect an increase in overall trading volume. In Argentina, the Bitcoin price doesn’t seem to spark more P2P trading volume every time.