Bitcoin trading reaches all time high in Argentina and Venezuela

  • Argentina sets a new record in its trade with Bitcoin. Coin Dance puts it at 30 BTC, more than 260 thousand USD.
  • Venezuela imposes the use of Petro (PTR) on its citizens in an attempt to alleviate the economic crisis.

The adoption of Bitcoin continues to increase in Argentina, at the same pace as economic uncertainty. This is shown by new data published by Coin Dance. The South American country registers a new record in its trade with Bitcoin.

Amid an economic crisis, as CNF has reported, citizens turn to Bitcoin as a store of value. A similar situation occurs with Venezuela. Both countries reached a new trade record with Bitcoin on Sunday, November 10.

Argentina imposes restrictions on Bitcoin trade

Immediately after the October elections, the government of Argentina changed its exchange policy. The new restrictions prohibited citizens from spending more than $200 USD per month. For cryptocurrencies, the ban was total. Argentines, in theory, could not buy Bitcoin with their credit cards.

In spite of this, the Bitcoin trading volume on the exchange Localbitcoins has been increasing. In Argentina, the trade record was 19 million Argentine pesos. While in Venezuela, 142 billion sovereign bolivars were traded.

Although in local currency the increase is significant, the volume of Bitcoin trading remained practically the same as in other periods. This is an indicator that the currencies of both countries continue to devalue in the face of their economic situations.

Localbitcoins recorded a volume in Argentina of about 30 BTCs, about 200 thousand US dollars. In Venezuela, the amount is still much higher, reaching more than 600 BTC. An estimated 5 million USD.

Because of the inflationary scenario in each of these countries, citizens turn to Bitcoin as a store of value. Above all, because they can access the cryptocurrency without having to resort to an intermediary. In so doing, they evade the restrictions and limitations set by local governments.

Venezuela: second round for Petro and Bitcoin

The Venezuelan government was the first to approach cryptocurrencies as a way to evade U.S. sanctions. The Petro (PTR) was announced last year as a cryptocurrency “anchored to the value of the oil barrel”. Since then, it has proven to be ineffective.

However, the Venezuelan government made a new announcement about the Petro (PTR) last week. The digital currency issued by the country’s central bank must be used by all citizens to carry out operations within that country’s territory. For now, it is unclear how this measure will be carried out and what its effect will be on Bitcoin’s trading volume in Venezuela.

Recently, Turkey and China are preparing to launch their own digital coins. The Lira and the digital Yuan could be new players that change the current market landscape. China, above all, seems to be preparing its citizens to adopt their digital coin more widely than similar projects.

The price of Bitcoin, at the time of publication, is $ 8,753 USD and continues its lateral trend (-1.14%) in recent hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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