According to LocalBitcoins, Colombia is processing 10x the volume of P2P Bitcoin transfers as it was in December 2017. Peru is processing almost 20x the BTC volume of December 2017.





In December of 2017, LocalBitcoins volume was a mere 66 BTC per week in Colombia, and 14 BTC in Peru. But over the course of 2018, South Americans across the board have begun to spend more and more of their local currency to make transactions in Bitcoin. Peru is now transferring 236 BTC per week and Colombia is transferring 655 BTC per week.













Argentina has also seen increased Bitcoin P2P transaction volume as of late.





Why is Bitcoin transaction volume increasing so rapidly in South America? Nobody knows for sure, but Venezuela’s hyperinflation crisis has given Bitcoin a global spotlight as a tool for financial sovereignty in the face of economic turmoil.





Maybe Colombia and Peru are learning from Venezuela here. You get a lot more Bitcoin if you buy it before hyperinflation occurs.



