Demand for Bitcoin (BTC) is reaching new highs with exponential trading volumes in Venezuela, Argentina and Chile.
According to crypto data tracker Coin.dance, Argentina set a new record for Bitcoin trading volume on the peer-to-peer crypto platform LocalBitcoins for the week ending April 18, 2020 at 46.9 million Argentine pesos, up 24.4% over the previous week of 37.7 million Argentine pesos.
Since January of 2018, BTC trading in Argentina has grown dramatically, reports Arcane Research, as investors seek to escape peso hyperinflation and financial instability.
“Argentines are dumping record amounts of pesos for bitcoin on LocalBitcoins, as the government is about to default on its debt and the currency is suffering from inflation.
The volume has increased 1028% in Argentine pesos, 407% in BTC and 139% in USD since the beginning of 2018, showing a substantial growth in real terms as well.”
Argentina skipped a $500-million payment on Wednesday as part of its massive foreign debt obligation. The payment plan now appears to be out of reach due to the economic fallout from the coronavirus pandemic, triggering a possible default in 30 days.
Chile also saw record-high trading volumes on LocalBitcoins earlier this month, peaking at 330 million Chilean pesos on the week ending April 4th before falling back down to 233 million by April 18th.
Coin.dance shows LocalBitcoins trading volume in Chile reached a new record of over 330 million Chilean pesos for the week ending April 4th. The crypto data tracker CoinLib also shows a spike in trading volume on Chilean crypto trading platform CryptoMarket, doubling in the past week.