Some countries seem more willing to embrace bitcoin compared to other regions. Mexico, a country facing some financial hardship and threats by the current US President, is one of the regions where bitcoin demand continues to grow. The company’s largest bitcoin exchange sees a record volume these days, resulting in close to US$4m worth of Mexican pesos changing hands every week.
Bitcoin is Thriving In Mexico Right Now
It is not surprising to find out Mexican residents are starting to look out for alternative financial solutions these days. With the national currency losing value every month, and the threats made by President Trump, a solution needs to be found. Unfortunately, traditional finance offers little to no reprieve in this regard. Even other assets, such as bullion, are of very little interest to Mexicans right now.
Things are faring a lot better for bitcoin in the country. The weekly trading volume for Bitso, Mexico’s largest cryptocurrency exchange, has increased spectacularly over the past few months. Whereas the weekly volume was below US$300, 00 in September of 2016, it has now risen to just over US$4m last week. That is quite a significant leap, although it remains to be seen whether or not such a trend can be maintained in the long run.
It is also worth noting the amount of bitcoin purchased on a weekly basis is increasing spectacularly. The recent bitcoin price gains have attracted a lot of fresh capital by the look of things. Last week, 3,660 BTC was traded on Bitso, compared to 1,333 BTC at the end of January. More bitcoin trades at a higher price per individual BTC is quite an intriguing trend, that much is certain. All things considered, this is a very positive trend for bitcoin in Mexico.
Moreover, the convenience provided by Bitso has a lot to do with this volume increase as well. According to one Reddit user, the platform’s onboarding process is very simple and users can deposit and withdraw BTC without fees. That is quite an intriguing factor, as Coinbase recently announced they will put the burden of bitcoin transaction fees on the shoulders of their customers in the future. For now, Bitso will stay their current course and make their service as appealing as possible.
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