March 24, 2023

The popularity of bitcoin in Venezuela has grown amid quarantine

On March 17, Venezuelan President Nicolas Maduro announced a national quarantine in connection with the pandemic coronavirus, which led to an increase in Bitcoin trading volume in the country.

Venezuela currently has 33 registeredcases of coronavirus infection, but Maduro decided to take the most stringent measures and declared national quarantine. This led to the temporary closure of the vast majority of companies, including banks, so Bitcoin has become a real alternative to fiat funds.

Record trading volumes with Bolivar at the siteLocalBitcoins Bitcoin revealed early in the year. Since then, trading volumes have gradually declined, but two weeks ago, the popularity of Bitcoin has grown again.

Coronavirus spread seems to have affectedon the popularity of the first cryptocurrency throughout the Latin American continent. Thus, trading volume with bitcoin in Peru increased by 30%, and in Colombia - by 15%. Both countries recently closed their borders.

At the beginning of the month, it was reported that global volumesBitcoin trading at LocalBitcoins has dropped to a 7-year low. Previously, the leading peer-to-peer exchange platform has lost a significant number of users and has lost confidence in connection with the blocking of accounts and the transfer of customer data to law enforcement agencies.