Venezuela and Argentina citizens see Bitcoin as a store of value and have understood that it is helping them to keep their wealth intact.
They don't actually care about Bitcoin's price but they care more about their wealth being devalued every day from hyperinflation.
This is not Fomo but a logical procedure. Put yourself in their position, having your money in the bank being constantly reduced to dust.
Topic: Soaring BTC trading volumes in Venezuela and other inflation stricken countries - page 2. (Read 311 times)
January 04, 2020, 06:46:38 AM
January 04, 2020, 06:23:48 AM
I think it's mainly wealthy people trying to get their money out of Venezuela, and bitcoin is an easier method than dollars (because of capital controls).
Most Venezuelans don't even have a few dollars spare because their currency is wrecked, inflation so high and the economy is not working. They can't afford to buy a bitcoin (the fees to send will be more than they can afford to buy).
What we are seeing here is capital flight by the rich.
Most Venezuelans don't even have a few dollars spare because their currency is wrecked, inflation so high and the economy is not working. They can't afford to buy a bitcoin (the fees to send will be more than they can afford to buy).
What we are seeing here is capital flight by the rich.
January 04, 2020, 05:11:03 AM
We also saw many who start buying BTC in dec 2017 when it was going up. What happen to all those buyers ? They are only regretting that move. Is it established that bitcoin can solve the economic crisis of Venezuela? If that is not proven then this buying is another fomo
FOMO or not, what is clear right now is that Bitcoin has the potential to be of help when a country can be suffering from many economic issues and the meltdown of the national currency resulting into widespread runaway inflation. However, as with the nature of Bitcoin, there are always inherent risks that one has to be aware of because Bitcoin is a very volatile asset hence those people who entered into Bitcoin in 2017 made the bad decision which they regretted.
January 04, 2020, 05:00:19 AM
We also saw many who start buying BTC in dec 2017 when it was going up. What happen to all those buyers ? They are only regretting that move.
Is it established that bitcoin can solve the economic crisis of Venezuela? If that is not proven then this buying is another fomo
Is it established that bitcoin can solve the economic crisis of Venezuela? If that is not proven then this buying is another fomo
January 04, 2020, 04:56:48 AM
Data shows that the volume of BTC transactions on the over-the-counter peer-to-peer marketplace, LocalBitcoins, has increased dramatically in countries suffering from high inflation rates.
While the numbers are not quite as high as some of the most popular cryptocurrency markets in some of the larger developed nations like the United States, for example, trading volume is certainly increasing at a considerable rate.
The volume of transactions occurring on LocalBitcoins has increased considerably in countries experiencing economic turmoil, including Argentina, Chile, and Venezuela. It has been widely reported how the citizens of these countries have turned to cryptocurrencies, most notably Bitcoin, to tackle the high inflation rates, simply just to feed themselves.
Read full News here
(Not click campaign, just sharing information)
I do think the high inflation rate countries citizens have used Bitcoin in such inteligent way.
Considering those have a bad economic growth, these people are able to "escape" sort of from their economical prison and start earning some profits on their own.
Specially due to if they are only getting profits from their daily life real jobs and taxes are higher than how much you get for yourself at the end of the month. This is just a great move for them.
I am glad such population has found a way to use Cryptocurrencies to achieve something great for them. And i hope more people thinks the same way as there will be more adoption and investors.
While the numbers are not quite as high as some of the most popular cryptocurrency markets in some of the larger developed nations like the United States, for example, trading volume is certainly increasing at a considerable rate.
The volume of transactions occurring on LocalBitcoins has increased considerably in countries experiencing economic turmoil, including Argentina, Chile, and Venezuela. It has been widely reported how the citizens of these countries have turned to cryptocurrencies, most notably Bitcoin, to tackle the high inflation rates, simply just to feed themselves.
Read full News here
(Not click campaign, just sharing information)
I do think the high inflation rate countries citizens have used Bitcoin in such inteligent way.
Considering those have a bad economic growth, these people are able to "escape" sort of from their economical prison and start earning some profits on their own.
Specially due to if they are only getting profits from their daily life real jobs and taxes are higher than how much you get for yourself at the end of the month. This is just a great move for them.
I am glad such population has found a way to use Cryptocurrencies to achieve something great for them. And i hope more people thinks the same way as there will be more adoption and investors.
Jump to: