For various reasons, people are becoming interested in the most renowned cryptocurrency worldwide. One of the reasons is financial hardship, as individuals from places where financial hardship is prevalent tends to have greater interest in BTC.
A renowned fact is that nations in the Latin American regionare experiencing financial struggle. However, such experience is relatively more obvious in Venezuela and Argentina than in other regions.
BTC is still popular in the region. As 2019 is coming to an end, both Venezuela and Argentina continues to demand for Bitcoin. Inflation has been on the high side for many years and local residents are searching for alternatives.
The trading volume of Bitcoin is increasing despite that BTC is not the most renowned alternative. As regards LocalBitcoins, latest statistics appear quite remarkable.
In both areas, there has been a huge increase in P2P trading volume. However, Argentina is still behind Venezuela on this.
These surges occurred close to Christmas and it makes one to wonder why. This year, there has been a steady increase in the volume of LocalBitcoins in both countries.
Having said that, these trading volume increments were only a matter of time, as the financial status in Argentina is now quite critical. It is the same in Venezuela, even as domestic Petro crypto has refused to gain any traction.
Hence, it is possible for many people to still consider Bitcoin. If more people consider it, there should be an increase in weekly P2P trading volume.