The emerging trend of Bitcoin adoption can be seen all over the world. LocalBitcoins volume set new records in nearly a dozen regions all over the world yet again. Consumers and investors flock to cryptocurrency as a safe haven asset, despite its volatility. An exciting future awaits for Bitcoin, even though the price has gone through a flash crash over the past few hours.
Some regions will be more prone to Bitcoin disruption than others. Latin American countries, as well as African nations and Eastern Europe, are all subject to increased Bitcoin demand as of late. The bigger question is why these trends are taking place, and if they can carry on over the coming months.
It does not often happen trading volume spikes in a particular country during the week. Brazil is one of those exceptions, as its LocalBitcoins trading volume increased significantly. Two weeks ago, there was a volume of just over 250,000 Real. Not bad, at all, but last week that number spiked to nearly 400,000 Real. A good indication of the growing cryptocurrency demand.
LocalBitcoins Volumes Go off The Charts In Some Regions
Hungary’s volume is virtually going off the charts as we speak, though. After many months of stagnating volume, a sudden spike was noted last week. Trading volumes almost reached 3 million Hungarian Forint, up from just under 600,000 Forint. It’s hard to explain what causes such a sudden increase, although it may very well be a one-time occurrence.
The growing Bitcoin demand in India has been documented multiple times on this website over the past few weeks. LocalBitcoins volume only confirms these statements, with a record volume for the past week. Given the turmoil in the region where both fiat and gold are concerned, this may only be the beginning.
One graph that stands out from all others is the overall European volume. Up until now, Europe has been a relatively small market for Bitcoin trading. But things have been picking up in recent weeks for some reason. In fact, just last week, over 1 million EUR worth of Bitcoin changed hands through LocalBitcoins. Are people preparing for future turmoil, or is this just a coincidence? Only time will tell.
Unfortunately, these graphs are not improving Bitcoin adoption all that much. The price per BTC has been increasing steadily last week but is not showing signs of a retrace. It will take a lot more before Bitcoin can even become a blip on the radar of global finance. But as more people buy up coins, the available supply only shrinks, which can push prices higher with ease.
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