Despite the 2018 bear market, Bitcoin peer-to-peer trading volumes continue to rise in South/Central America, Africa, and India. Volumes in Egypt unexpectedly soared during October despite a stable economy and currency.

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The trend for countries with failing financial systems like Argentina and Venezuela is no surprise, however, Egypt’s economy has been relatively stable, which makes the spike more intriguing.

Latin America Bitcoin Volumes

Argentina Bitcoin Trading Volumes

Argentina is currently in the middle of a biting economic crisis, a factor that unsurprisingly has seen most of the people view Bitcoin as the best alternative to a devalued peso.

The deteriorating peso, Argentina’s fiat currency, has meant that the least volatile crypto has become a go-to option for residents who want to guard against the skyrocketing inflation.

There has also been an increase in the number of merchants who accept Bitcoin payments.

Crypto companies Athena Bitcoin and Odyssey Group recently launched Bitcoin ATMs in the country in response to increased need for and use of BTC.

And in an unprecedented move, the country’s central bank allowed the installation of more ATMs by relaxing its regulatory demands.

At the time of the ATM launch, Dante Galeazzi of Athena said:

“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market.”

For October alone, Bitcoin use in the South American nation has risen to hit record highs approaching $9 million, as seen in LocalBitcoin’s trading volume.

Venezuela Bitcoin Trading Volumes

Despite the crisis in Venezuela, Bitcoin use seems to be getting even more pronounced with every passing day. Trading volumes on LocalBitcoins for BTC and Venezuela’s Bolivar keeps setting records as more people find crypto a better alternative.

For October, the peer-to-peer trading volume for Bitcoin has risen to nearly 900 million bolivars, about $14.4 million.

The rising volume of Bitcoin trading in the country is in stark contrast to what is happening with the state’s oil-backed cryptocurrency Petro. Various reports indicate that there is very little to suggest citizens have warmed up to the coin.

President Maduro’s government has tried to boost the controversial crypto by declaring that all payments related to travel documents be made only in Petro coin.

Mexico Bitcoin Trading Volumes

Peer-to-peer volumes in Mexico continue to rise, forming a very strong uptrend into the end of 2018.

Columbia Bitcoin Trading Volumes

Trading volumes in Columbia continue to rise as well, forming a serious uptrend and nearly hitting the same volumes as late 2017, when Bitcoin peaked to over $20,000 USD.

The rise in volume in South and Central America can be related to the troubles experienced by neighboring countries such as Argentina and Venezuela. These countries are notorious for corruption and its citizens may simply be hedging their bets with Bitcoin.

Dominican Republic Bitcoin Trading Volumes

Although volumes are not hitting past highs experienced late last year, it is worth noting that a strong uptrend continues to form in the tropical island.

Like other countries in the region, fears of its currency losing value due to corruption and a failing financial system may be encouraging locals to gobble up some Bitcoin.

Peru Bitcoin Trading Volumes

Volumes in Peru continue to rise, hitting an all-time high in mid-September. The volume continues to form a nice uptrend and is starting to look like the famous Machu Picchu.

Chile Bitcoin Trading Volumes

Similarly to other countries in Latin America, Bitcoin peer-to-peer trading volume continue to form a strong uptrend since 2015. As per the chart below, it is interesting to note periods of sharp drops followed by rapid recoveries.

Africa Bitcoin Volumes

Africa is currently regarded as one of the hottest continents in the world for Bitcoin and cryptocurrencies. The region is notorious for corruption, hyperinflation and a serious lack of financial infrastructure.

Unsurprisingly, P2P Bitcoin trading volumes in some of the most important commercial regions continue to rise.

Egypt – an unexpected spike in volumes

Egyptians are increasingly turning to crypto, notably Bitcoin, following a raft of economic changes in the North African country.

P2P bitcoin trading in the country has been on the rise since 2016, despite the Grand Mufti’s support for a ban on the crypto by the country’s Financial Supervisory Authority (EFSA).

According to Coin Dance, Egyptians have traded over one million Egyptian Pounds for the week ending October 13, 2018. This is a new record for the country and a second consecutive sharp rise in volumes.

Tanzania Bitcoin Trading Volumes

Kenya Bitcoin Trading Volumes

Nigeria Bitcoin Trading Volumes

India and Ukraine – honorable mentions

India – volumes on the rise as RBI ban continues

The cryptocurrency industry in India has been facing major issues. The central bank has banned crypto trading and has prevented crypto companies from accessing banking. The situation is so bad that the leading crypto exchange, Zebpay, has announced that it will be closing its doors.

Nonetheless, it appears that Indians are determined to buy and trade Bitcoin given the continued rise of P2P trading as illustrated by the graph below.

Further, the oldest exchange in India, Unicoin, just rolled out several crypto ATM’s across the country to reenable Indian Rupee deposits and withdrawals and to circumvent banks.

Ukraine Bitcoin Trading Volumes

P2P volumes in Ukraine continue to show strength as they approach the December 2017 highs. Although not recognized as a major crypto country, the trend is very intriguing and we will continue to monitor the country.