In which countries have the highest demand for Bitcoin?

Statistics of transactions on the trading platform LocalBitcoins can open a lot of interesting facts. Recall that LocalBitcoins is the most popular p2p platform for the exchange of cryptocurrency for Fiat money — that is, one where users interact without an intermediary in the exchange. The service operates in 249 countries around the world. This year, the average weekly volume of transactions platform reached 8988 BTC.

Below are the results of the analysis of the auction of the 46 countries in the period from January 1, 2017 October 1, 2019.

Bitcoin salvation in the time of crisis

For the aforementioned period of time the amount of transactions with Bitcoin has reached 1.6 million BTC. Russia became the largest market LocalBitcoins — here was made 24.3 percent of all transactions. Second and third place went to the USA and China with 17.8 and 13.1 per cent of volumes respectively.

Top countries by volume of deals in bitcoins in 2017. Source: CryptoSlate

Top 10 countries by volume of trades on LocalBitcoins as follows:

  1. Russia — 386 thousand BTC;
  2. USA — 282 thousand BTC;
  3. China — 208 thousand BTC;
  4. UK — 155 thousand BTC;
  5. Nigeria 101 thousand BTC;
  6. Venezuela — 99 thousand BTC;
  7. Colombia — 40 thousand BTC;
  8. Australia — 40 thousand BTC;
  9. India — 28 thousand BTC;
  10. South Africa — 23 thousand BTC.

Below is a chart of the number of coins per 100 thousand population in the country. Here is the first place for Venezuela, whose economy is seriously affected since 2010. To the above-mentioned proportion of the population accounted for more than 317 BTC is the highest among all countries. One reason lies in the rapid rate of inflation of the local economy — more than 10 million percent.

That is, the people trying to save their money and transferred depreciating national currency in Bitcoin and other coins. Given the pace of her fall, the scheme is really correct.

The volume of bitcoins per 100 thousand people. Source: CryptoSlate

In addition, citizens of Venezuela have no economic freedoms. The country is an authoritarian policy regarding the markets and businesses in which the system itself is mired in corruption, and from without her “finish” the sanctions. Against this background, even the high volatility of Bitcoin does not seem like much of a problem. It is even conceivable that this year some particularly enterprising Venezuelans were even able to capitalize on the growth of the main cryptocurrency.

This is interesting: LocalBitcoins is losing ground. Where else can you buy a crypt for cash?

Another indicator — the share of investment in the crypts relative to the income of the average citizen. The diagram below shows the ratio of the number of acquired coins to the country’s GDP per capita. First place again for Venezuela, second and third places went to Russia and Nigeria respectively.

The volume of bitcoins per 100 thousand people to the country’s GDP per capita. Source: CryptoSlate

A huge number of active Internet users in Venezuela, too, prefer to buy Bitcoin. The following shows the ratio of Internet penetration in the country by the number of purchased coins for 100 thousand inhabitants. In this case, high levels are also highlighted Russia, New Zealand, UK, Norway and the United Arab Emirates.

The ranking of countries with the highest Internet penetration (in vertical order) against volume of bitcoins per 100 thousand people. Source: CryptoSlate

As a result, Russia is one of the largest markets for Bitcoin. And this in spite of the lack of regulation in the form of legislative acts. By the way, to adopt a law on digital of financial assets prior to 1 November as in August instructed the Dmitry Medvedev — the state Duma is not likely to succeed. So the idea is once again postponed.

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