Topic: Bitcoin demand in economically volatile countries surges - page 7. (Read 803 times)
It is normal for people to look for investing into appreciating or stable assets when their national currencies are economies are swinging like a bat on a baseball field. I'm happy to see that they're putting their moeny into Bitcoin and the volume is raising. That's another sign that Bitcoin could be the next worldwide store-of-value asset and a possible global mainstrem currency taking into account that it has much more superior properties and utility than gold does.
This is one of the role Bitcoin was created to play and most of these hot spot are great market and if Bitcoin can meet their need in this period of difficulties, when the good times come they are more likely to stick with it. The good thing for holders in the countries is that it goes for premium for those who are willing to sell their BTC
There's no surprise, these people are scared to lose their money in their countries in a lot of ways like inflation, crisis, some random rules of governments etc
So a safe place to put money without anybody know is BTC, and this a good method to use
I hope I never need to use BTC in this way, but if necessary I would do it with BTC
So a safe place to put money without anybody know is BTC, and this a good method to use
I hope I never need to use BTC in this way, but if necessary I would do it with BTC
I think the surge is caused by the continuous publicity and adoption of these countries to Bitcoin. Once they had learned its background and its potential to be an alternative asset rather than their local banks to store funds, they might have migrated and the spread of words after that could have caused the surge. Having said that they're economically volatile/unstable means that the people of these countries are going skeptical about their economy's future and having found this safe haven must have been a huge factor for them.
This is no surprise at all since this scenario is all part of an ever growing Bitcoin and crypto adoption worldwide that is taking its natural course and I assume we would expect an even more vibrant Bitcoin and crypto industry in the coming years to come. 
Quote
Demand for #Bitcoin in economically volatile regions reached record highs in 2019.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
I am so sure all of these countries are helping Bitcoin in one way or another. Like converging factors, these all pushed Bitcoin to what it is today having broken the so-called bearish mood. Amazing to see Venezuela really leading the way as more and more people in that country look at Bitcoin as a way to tide them over the difficulties under an economy suffering from hyperinflation and the lack of basic goods. People in Venezuela have a hard time buying many products within their country and with the dollar restriction, they are using Bitcoin as the currency to reach to merchants just outside their territory. Definitely, the resulting economic slowdown due to the continuing protests on the streets in Hong Kong contributed to the rise of Bitcoin in this location. Since there is still no definite agreement on both sides (protesters and government) protests can erupt anytime, and this can lead to more demand for Bitcoin and the consequent more-than-normal rise in its price.
I think that a lot of these investors and people that are suddenly entering the Bitcoin scene see it as the only safe haven away from their own country and it's currency.
For example, with Venezuela it has been used as a replacement for their peso currency for years now, their own currency has been unstable since forever and I think it might become a permanent situation soon. Same with Argentina except they are fighting it and don't want Bitcoin to replace their currency. Hong Kong is having issues with China, so that explains it easily.
For example, with Venezuela it has been used as a replacement for their peso currency for years now, their own currency has been unstable since forever and I think it might become a permanent situation soon. Same with Argentina except they are fighting it and don't want Bitcoin to replace their currency. Hong Kong is having issues with China, so that explains it easily.
Have a look at the following graphic:
The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
The image comes from the following tweet:
https://twitter.com/CryptoWelson/status/1190094660578037761/photo/1
Quote
Demand for #Bitcoin in economically volatile regions reached record highs in 2019.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
Since 2013, volumes on Argentine peso, Hong Kong dollar, and Venezuelan bolivar bitcoin pairs have exceeded $600 billion in total value.
I wonder whether the surge in the bitcoin price that started in March/April is correlated with the Hong Kong riots which started on 31st March 2019 and are still ongoing.
Jump to: