While many may be expecting the interest in cryptocurrency to dwindle given the turn out of events since the first quarter of 2018, it seems this is not so in some Latin American countries. There has been a significant hike in the BTC trading volume in this region especially in countries like Peru and Colombia.
Peru Gets 20x BTC Volume and Columbia 10x Trading Volume
Localbitcoins, a Bitcoin startup company based in Finland released a report which shows the trading volume in either country. Based on the report, the peer-2-peer Bitcoin transactions in Peru is almost 20x of what it was in December 2017. A similar case is cited for Columbia, which has about 10x increment in Bitcoin trades since December 2017.
A closer look at the data for both South American countries reveals that in 2017, Peruvians exchanged close to 14 Bitcoins every week. But this year, the volume has moved up to 236 Bitcoins weekly. Columbians, on the other hand, transacted 66 Bitcoins per week in 2017. However, during the course of the year, transfers of 655 Bitcoins has been made on a weekly basis.
South Americans Growing Interest in Cryptocurrency
Based on this data, one can safely assume that South Americans are adopting cryptocurrencies. These are people that may be more willing to convert their fiat money into virtual assets in comparison with other countries. Australia has also shown a tremendous increase in Bitcoin trading volume on the exchange.
Peru’s performance in comparison with the trio is the most remarkable. Even though its data trading volume does not exceed that of Columbia, what gives it a head start is the percentage increase. This shows that more people may be involved in these trades, instead of a smaller group of people increasing their investment capital which could be the case in Columbia.
Government and Private Companies Encourage the Use of Crypto
South American governments, as well as private companies, are encouraging the use of Blockchain technology. In a recent report, we revealed that the Brazilian Football Club,
Atletico Mineiro plans to develop its own cryptocurrency. This is a digital asset that will be issued to fans for the purchase of tickets, jerseys and sports services.
Also worthy of note, is that the Brazilian government has hired a Blockchain company to teach its workers the concepts of the Distributed ledger technology (DLT). This is a closed class training where cryptocurrencies and their uses will be taught. The best part is, it has been segmented into levels. This will give an ordinary citizen who may have never heard of the DLT a better understanding.