The week just ended registered new all-time highs at LocalBitcoins in terms of trading volumes in Argentina and Venezuela.
The two South American countries are plagued by an inflationary spiral of their currencies that does not hint at braking, so this frank bitcoin run should come as no surprise.
In particular in Venezuela the situation of the national currency is terrifying, and the cryptocurrency Petro has not helped to reduce hyperinflation.
He continuous collapse of the purchasing power of the Bolivar It continues to pressure Venezuelans who have savings in this currency to exchange them for bitcoin, although trading volumes on LocalBitcoins are still quite low.
The new all-time high reached during the week just ended has seen the exchange of more than 410 billion bolivars, exceeding for the first time the share of 400 billion. The previous peak was reached during the week in mid-January, with 396 billion bolivars.
In bitcoin, trading volume during this past week stopped at 672 BTC, or around 4 and a half million dollars, which is not a record, but it is still the largest volume of BTC traded in Venezuela in 2020 on LocalBitcoins.
Record highs in Argentina
This is also true for Argentina, where, although there is no hyperinflation, the national currency is significantly losing purchasing power, at a very rapid rate.
In the week that just ended, the new maximum history on LocalBitcoins with almost 38 million pesos traded.
The previous peak occurred in early March with 32 million pesos.
In bitcoin, it's a very low volume, 66 BTC (i.e. less than half a million dollars), but it's still the highest volume since the end of 2016, when a bitcoin was worth even less than $ 1,000.
Colombia has also set historical records
In the week just ended, there were very high trading volumes at LocalBitcoins also in Colombia, another South American country that borders Venezuela.
In fact, it was the third highest peak in history , more than 10 billion Colombian pesos traded. The all-time high had occurred in May 2019, at almost 11 million, therefore only slightly higher than the one just recorded.
In bitcoin, 408 BTC is traded in a week, which is equivalent to just under $ 3 million.
The funny thing is that Colombia does not suffer particularly high inflation, although it is higher than that of countries with very stable currencies such as the United States or Japan. Since July 2019, it has increased somewhat, with a new recent spike in March.
However, it is worth mentioning that Colombia It is home to a large number of Venezuelans fleeing their country, and this is likely to help generate a greater awareness of Bitcoin in the country.