The naysayers called Bitcoin dead (more than 350 times, to be precise). Veteran investors like Warren Buffet called it a ‘delusion’. Well, tell that to these five countries gripped by FOMO fever right now.
Google Searches for Bitcoin Show FOMO in these Countries
As the largest country and economy in South America, conditions for Bitcoin FOMO in Brazil are particularly ripe. And in fact, the land of the samba and caipirinhas recorded a new record level of BTC trading last month at over 100,000 bitcoins in 24 hours. That’s a massive 2 billion BRL (almost $500 million USD).
Bitcoin makes a compelling case in countries where trust of the traditional financial system and the governing party is low. Brazil, with its corrupt governments and rising inflation may not be Venezuela. But with 62 percent of its 212 million+ population aged 29 or younger, savvy generations are spreading the word.
Ranking second highest for Bitcoin searches on Google is Colombia. With its disastrous neighbor to the east, Colombia has become host to over one million Venezuelans over the last few years.
The country has a generally supportive government for cryptocurrencies and conditions for Bitcoin are favorable. But the added boost in FOMO appears to be from the Venezuelans living here.
Living with over one million percent inflation annually makes Bitcoin’s volatility during look like peanuts. Now the bull market is here, BTC has already made gains of 111 percent this year.
Stocks are up 12% in 2019.
Bitcoin is up 111% in 2019.#GetOffZero and get in the game. 🔥
— Pomp 🌪 (@APompliano) May 24,