Bitcoin Transactions Setting Records In South America
As the global economy crumbles, people appear to be turning to Bitcoin. This is especially true in a number of countries in South America.
Argentina, Venezuela, and Chile are all seeing all time high in terms of the number of transactions.
In Argentina, for the week ending April 18th, the volume of Bitcoin in Argentina Peso hit 46 million, up 24.4% from the week previous.
The citizens in Argentina have turned to Bitcoin since January as a mean to escape the hyperinflation that is occurring in the Peso.
Chile saw a record 330 million Pesos for the week ending April 4th.
LocalBitcoins in Venezuela showed a volume of 538.7 billion Bolivar in the week that ended April 18th.
These are not the only countries that are experiencing an increase in the volumne.
Colombia has seen a spike in trading on LocalBitcoins as well. BTC volume is at 9.9 billion Colombian pesos, up from 8.3 billion the previous week.
In Mexico, Bitcoin trading on the peer-to-peer platform surged to 6.1 million Mexican pesos, up from 3.8 million the previous week.
In Peru, Bitcoin trading on LocalBitcoins climbed to 2.1 million Peruvian sol, up from 1.8 million the previous week.
Many of these countries were experiencing difficulty over the last few years. Could this be a glimpse into what it will look like for other countries as economic difficulty weaves its way into across the globe?
With the idea of a global recession/depression on everyone's mind, those seeking alternatives will only continue to grow.
The present system is suffering greatly and tens of millions are going to be harmed greatly.
Private money is offering people options that are not present for most under the government/central bank system. Public money was the norm for so long that few understand what it is like to operate in a world where that are choices.
We are going to see the numbers grow the worse things get. People are starting to realize they have little defense with all that is taking place.
Tens of trillions of dollars of capital is being eradicated from the system. This is money that people will not be able to use in the future.
Desperation is going to set in over the next couple months.
Crypto gaining grounds