Bitcoin trading volume is hitting new all-time highs in Argentina, Colombia and Venezuela on the peer-to-peer crypto trading platform LocalBitcoins.
Each country traded the highest volumes of their own national currencies in exchange for Bitcoin for the week ending May 11, 2019.
Data compiled by Coin Dance shows that Argentinian residents traded 13,097,360 Argentine pesos (ARS) for a total of roughly 45 Bitcoin.
Argentina BTC Trading Volume on LocalBitcoins
The record-setting trading volume came on the heels of the peso’s tumble last month as President Mauricio Macri’s government battles severe political uncertainty in the face of record-high inflation and slow growth.
According to a Financial Times report on April 25,
“The sharp drop in Argentina assets comes as former leftist president Cristina Fernández de Kirchner has gained traction in polls ahead of the presidential election in October – even though she has yet to confirm her candidacy. This week, a poll released by Isonomia, a local company, revealed that in a second round run-off with Mr Macri, Ms Fernandez would win.”
“’Cristina is not a tail risk anymore,’ said Edwin Gutierrez, the head of emerging market sovereign debt at Aberdeen Asset Management. ‘People are pissed off and the ongoing recession, inflationary pressures and weak currency are not a recipe for an incumbent to get re-elected.’”
Colombia’s trading spike to 10,632,752,608 pesos for 583 BTC coincided with legislative developments.
Colombia BTC Trading Volume on LocalBitcoins
“The Congress of the Republic of Colombia has been presented a bill that would seek to regulate companies specialized in the handling of so-called ‘cryptocurrencies’ or virtual currencies.