It’s not just institutional investors that are pumping the price of Bitcoin up over the last several months.
shows that investments in Bitcoin in emerging markets are up threefold over the last 30 days or so.
Reasons Bitcoin Is Skyrocketing Abroad Aside From The Price Itself
Time and time again we’ve talked about how 2020 will go down as the year of institutional investment in Bitcoin , but as a group, retail investors have a lot of capital to put into cryptocurrency as well. Here in Canada, even with our government printing out more and more fiat money to try to deal with the coronavirus pandemic, most of us likely take the stability of the Canadian dollar for granted. You don’t sit at home imagining that the price of bananas is going to increase tenfold by next week the way it does in Venezuela for example.
But in places like Venezuela, where hyperinflation is reaching out of this world heights, or India, where the government decided to ban certain banknotes overnight sending everybody scrambling to ATM machines a few years ago, Bitcoin simply seems like a better bet.
In most of the parts of the world, investing in Bitcoin is a vote in favour of a new financial system, not just an investment in a digital gold-like store of value.
Where Bitcoin Is Taking Off the Most
Chances are if you’ve been interested in cryptocurrencies for a while you already know what the story is in Venezuela and India. But just so you know, the real hotbeds of retail volume for Bitcoin exist in South Africa, Malaysia, Nigeria and Indonesia. That’s
, CEO of Luno Global, a crypto exchange that serves emerging markets.
If you don’t believe the hype, look up the word Bitcoin on Google Trends and notice that Nigeria is number one when it comes to searches for the term.
So from now on when somebody talks to you about 2020 being the year of institutional investing for Bitcoin, remind them what it’s really about. A global decentralization of an archaic financial system that’s long overdue for a makeover.
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Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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