The crippled economies of Argentina and Venezuela have had locals turn to cryptocurrencies while Egypt’s recent economic reforms have boosted Bitcoin’s trading volumes in the country. Argentina, Venezuela and Egypt have registered their highest cryptocurrency trading volumes for the month of October according to Coinsdance statistics even as most cryptos have suffered a bear market year since the first quarter of January.
The Argentine Peso has been spiraling down against the US dollar since April. Previously there have been claims that the currency had been overvalued but the Federal Government did nothing but explain that the currency will gradually decline to its actual value. However, the decline has not been gradual as earlier anticipated but rather a quick depreciation that has submerged the nation into hyperinflation.
Citizens are losing trust in the country’s currency and are committing some of their remaining wealth to Bitcoin. The government has allowed this new trend so far; through Argentina’s Central bank, the government has approved thousands of digital assets’ ATMs to be installed at strategic places for public use. Local and international merchants operating in Argentina are now accepting payments in cryptos specifically Bitcoins (BTC) further spiking the coin’s trading volume in the country.
The South American country is suffering one of the worst hyperinflations the world has ever known. It was recently reported that its citizens are now exploiting Amazon’s introductory sign-up offers for the online retailer’s new fantasy game just to make ends meet. The nation’s currency has become worthless to the point that the meager earnings from the ‘gold mining’ craze for Amazon’s sign up rewards have gamers faring well compared to salaried citizens. Venezuelan’s are now trading in Dash as opposed to Bitcoins and the nation’s Petro cryptocurrency which has not caught on.
Egypt’s case is different; the African state is enjoying one of the best economic reforms that have seen investors earning spare money for trading in cryptocurrency. Egyptian investors are trading in Bitcoins according to statistics by Coindance.
The three cases could be among the only good news the cryptocurrency market is getting lately considering that the rest of the world, particularly the European countries of Croatia and Switzerland are recording low trading volumes.