Checking last week’s statistics, 181 BTC were traded in Colombia on LocalBitcoins.
The number is a bit down from 184 BTC traded a week before. Although, the volume is slowly slipping down from 760 BTC per week in February 2019.
- 181 BTC is about 12,000,000,000 Colombian Pesos.
- One Bitcoin (BTC) is currently over 60,000,000 Pesos.
- One Colombian Peso will get you less than two Satoshi.
- Monthly minimum wage is under 900,000 COP – less than 250 USD.
- Inflation rate in Colombia is about 5% per year.
There are quite a few exchanges in Colombia (BISQ, Buda, Coinmama, SatoshiTango, etc) but only LocalBitcoins provides the data to see weekly volumes.
If you want to learn more about the situation in Colombia, the best website in English is probably this one: Colombia reports
If you prefer a quick TL;DR: 6 Facts About Hunger In Colombia
Back to Bitcoin in Colombia. Local residents and investors treat Bitcoin as a safe haven and a way to hedge against the incapable government. The inflation rate is down to 5% and that’s impressive number in Latin America although much higher than in western world. To keep the savings safu, part of the population keep buying Bitcoins. There’s also almost 2 million people from Venezuela, and they use Bitcoin and other crypto to send part of their wages to their families back home.
LocalBitcoins listings: https://localbitcoins.com/buy-bitcoins-online/COP/
It looks like most Bitcoins were traded at the beginning of 2019. That’s true but don’t forget that Bitcoin was that time at its cheapest since ATH in 2017. Here’s the same volume in COP (Colombian Peso – local currency in Colombia):
Yep, Colombia is buying big time. It might be due to Colombians using Bitcoin as a store of value (digital gold) or simply because they just hit the ATH figure from the end of 2017.
I’m a massive believer in Bitcoin, especially in poor countries where the governments keep printing money and indirectly create a second tax on all of their residents. In ten years time, I’m sure we’ll see so much use in third world countries across the globe, not just in Latin America. Will keep you posted, if you have any question, ask in the comments, please.
Post also published @ Publish0x, a place where you’ll get paid in crypto for writing & reading.