South America Observes A Hike In P2P Bitcoin Transactions

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Bitcoin News: 2018 might have been a year of mixed emotions for Bitcoin (BTC), while the continuous bear market pushed its price lower, its adoption rate has been steadily increasing. Over the course of this year, South Americans across the board have started adopting/buying/transacting BTC.

According to the data from  LocalBitcoins, in comparison to P2P BTC transfers in December 2017, Colombia this year has observed 10x the volume. Peru processed almost 20x the BTC volume of December 2017. Last year in December, LocalBitcoins volume for Colombia was a mere 66 BTC and Peru just 14 BTC per week. This year Colombia is transferring 655 BTC and Peru 236 BTC per week.

As of late, Argentina also observed an increase in Bitcoin P2P transaction volume. While no one can exactly pin the reasons behind the rise, it can be somewhat attributed to the current hyperinflation crisis of Venezuela, that has given BTC and other altcoins better stand as a tool for financial sovereignty in the face of economic turmoil.

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