With the global economic turmoil, Argentina and Venezuela, two South American countries, have recently set off a Bitcoin craze. As a safe-haven asset, Bitcoin's trading volume in these two countries has continued to rise, setting a historical record. Let's explore in depth and explore the story behind this digital currency storm.

1. Argentina: Bitcoin's new favorite

Argentina, a beautiful country, has suffered repeated economic setbacks in recent years and has serious inflation problems. Against this background, Bitcoin has gradually become a safe-haven choice for the people. According to data, Argentina's Bitcoin trading volume has been rising steadily in the past few months, reaching a record high.

On the streets of Buenos Aires, you will find more and more merchants accepting Bitcoin payments. Whether it is a cafe, restaurant or retail store, Bitcoin can be seen everywhere. A local businessman said that Bitcoin is not controlled by the government, and transactions are fast and safe, so it is becoming more and more popular.

In addition, the Argentine government's attitude towards Bitcoin has gradually become more tolerant. The relaxation of regulatory policies has made the development of Bitcoin in Argentina smoother. This open attitude has attracted more investors and ordinary people to participate in Bitcoin transactions, driving the surge in trading volume.

2. Venezuela: Bitcoin craze

In contrast, as a country plagued by economic crisis, Venezuela's popularity of Bitcoin is beyond imagination. Faced with problems such as high inflation and currency depreciation, Venezuelans have turned their attention to Bitcoin, a digital asset.

On the streets of Venezuela, you can see many people trading Bitcoin on their mobile phones. A young Venezuelan said that Bitcoin is their hedge weapon, which can help them avoid the risks brought by inflation. The convenience and relatively stable value of this digital currency have made Bitcoin quickly popular in Venezuela.

The government's attitude towards Bitcoin is also gradually easing. Although some restrictions have been introduced before, the Venezuelan government has recently begun to study how to better regulate the Bitcoin market to ensure the security and legality of transactions. This move has laid a more solid foundation for the development of Bitcoin in Venezuela.

3. Future Outlook of Bitcoin

As the volume of Bitcoin transactions in countries such as Argentina and Venezuela continues to rise, people are full of expectations for the future of Bitcoin. As a decentralized digital asset, Bitcoin has great potential worldwide. Despite some regulatory and volatility challenges, Bitcoin's status as a safe-haven asset has gradually been established.

In this digital age, the surge in Bitcoin is not only a change in the financial field, but also a challenge to the traditional monetary system. As more and more countries and institutions begin to accept Bitcoin, its market size will continue to expand, bringing new vitality to the global economy.

In general, the Bitcoin craze in Argentina and Venezuela is just a microcosm of the booming development of digital currencies around the world. In the future, with the continuous advancement of technology and the changes in the global economic landscape, Bitcoin is expected to become the first choice of global safe-haven assets, leading the financial world into a brand new future. Let us wait and see and witness the glorious moment of Bitcoin!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

In October 2018, Bitcoin trading volume on the peer-to-peer platform LocalBitcoins peaked in Argentina, Venezuela, and Egypt. Elsewhere, countries like Croatia and Switzerland are at their lowest levels since early 2018.

Bitcoin is a safe haven asset in Argentina

As Argentina’s economic crisis continues, it’s perhaps unsurprising that people are flocking to buy $6,588 worth of Bitcoin as a safe haven asset. The Argentine peso has fallen sharply against the dollar since April 2018, severely weakening residents’ spending power.

Trading in Bitcoin has become possible, and even the country’s banks have recently relaxed regulations to allow for more Bitcoin ATMs. Many merchants across the country already accept Bitcoin payments.

Despite the government’s best efforts, the country’s economy seems to be in turmoil. Recently, the government reached a deal with the International Monetary Fund to receive more financial support.

In October, Bitcoin adoption in Argentina reached new heights, with a record of nearly $9 million in Bitcoin trading volume on the LocalBitcoins platform.

Bitcoin: A necessity in Venezuela

New Bitcoin trading volume records are set every day in Venezuela. The country’s troubles are so great that people must embrace Bitcoin.

Data from Coin
Dance shows that Venezuelans are increasingly engaging in Bitcoin trading despite the price of Bitcoin falling. Total Bitcoin P2P trading volume so far in October 2018 is close to 900 million bolivars (about $14.4 million).

The popularity of Bitcoin trading in Venezuela is in stark contrast to the country’s attempt to issue the Petro, a coin that the government is trying to issue. Reports indicate that the Petro barely exists in the country. Recently, the government made it mandatory for tourist passports to be paid for in Petro.

Unlike the other two countries that set records for Bitcoin trading volume, Egypt has not fallen into an economic downturn. The country appears to have benefited from economic reforms that began in early 2016. According to Coin
Dance data, Egyptians traded more than 1 million Egyptian pounds worth of Bitcoin.

Bitcoin P2P trading volume continues to grow throughout South and Central America. Chile, Colombia, and Mexico all saw Bitcoin trading volumes in October well above their 2018 averages.

In Europe, Bitcoin trading volumes have fallen sharply since peaking in the first quarter of 2018. Croatia and Switzerland both recorded their lowest transaction levels of 2018 in October.