The weekly trading volume of Bitcoin on peer-to-peer (P2P) trading platform LocalBitcoins in Venezuela and Argentina saw new record highs during the period extended from December 15 to December 21, data from CoinDance showed.
In Venezuela, LocalBitcoins saw 248 billion bolivars ($24.8 million) change hands, marking 18.46 percent higher than the amount traded a week earlier.
In Argentina, as much as 32.6 million pesos ($544,905) were traded during the same period, increasing 51.6 percent compared with the previous week’s reading.
According to experts, the current spike was triggered due to the hyperinflation that exposes the two countries’ national currencies to erosion.
Therefore, Venezuelan and Argentinian citizens tend to keep exchanging their national currencies with the coin as its value is quite higher than the peso and bolivar, even at times when the crypt market is bearish.