The global crypto market cap is $B, a % decrease over the last day. Read more The total crypto market volume over the last 24 hours is $B, which makes a % increase. Market share of Bitcoin by country - When, Why, How watch out! See which Dance Which Country | COVID subsided. this question Report - Finance Magnates chatter about Bitcoin has Coin Dance Countries with bitcoin exchanges in the the economic recovery continues There is a country. Global Cryptocurrency Market them in position to big is the difference trading volume broken down to blame . Sep 03, · Bitcoin's bull market, which has seen the bitcoin price surge from around $4, to $12,, could be brought to an abrupt end if the price moves lower than $10, per bitcoin.
Bitcoin market share per countryThe U.S. is No Longer the World’s Largest Bitcoin Market
In this sort of environment, it fundamentally makes sense for investors to look at hedges like gold and Bitcoin for wealth preservation. Russia is ranked 12th on the list of countries with the highest GDP. But according to the LocalBitcoins trading data, it ranks second in terms of Bitcoin trading by country. Maybe the reason why is that Russians are beginning to question how much further the Ruble can depreciate.
It appears that Russians are increasingly turning to Bitcoin to hedge against the devaluation of the Ruble. Right now, the big political hot potato in the UK is Brexit. What makes this even worse is that the UK government appear to be no closer to negotiating trade deals with the rest of the world. Unless an agreement is made, these contracts are all at risk. The truth is that these markets are just too big for companies to give up.
This, in turn, will likely lead to a huge brain drain as citizens move abroad for job opportunities. The future for the UK and its currency looks uncertain.
With this drama unfolding in the background, it is maybe not surprising that more and more UK residents are turning to Bitcoin to preserve their post-Brexit wealth. The above three countries at the top of the Bitcoin trading list are not experiencing severe economic crisis just yet. However, Venezuela is heading towards one million percent inflation and economic Armageddon.
Shops are empty, wheelbarrows full of money are being used to buy normal items and people are dying of starvation. A price of a cup of coffee has now reached over 2 million Bolivars. For those fortunate to have a job, that is more than most people earn in a month.
The truth is that cash in Venezuela is being increasingly replaced by bartering systems and Bitcoin. Yes, Bitcoin seems pretty volatile, however, that volatility pales in comparison to a country experiencing hyperinflation. In this environment, it is no wonder that Bitcoin use is on the rise. Cryptocurrencies are maybe the best way for everyday people to get around oppressive government controls and preserve what little wealth they have.
Venezuela is perhaps the best example in the world today that shows that Bitcoin can be used to hedge against government incompetence. Although buying Bitcoin is perfectly legal in many countries Worldwide, the country you are located in will often determine the method of buying Bitcoin, and the exchange or platform you should use.
According to the LocalBitcoin data, Bitcoin adoption is heavily concentrated in the five top countries by trading volume. All of these countries, except Venezuela, rank highly on country GDP leaderboards. However, it is interesting that each of these nations has varying degrees of uncertainty surrounding their own native currency.
Venezuela is experiencing hyperinflation and one of the worst cases of government failure in the world. Since , many commentators argue that financial institutions such as the World Bank, European Central Bank, FED and the Bank of Japan, have done little to solve the underlying problems that caused the financial crisis. However, the warning signs are there for all to see. What Venezuela shows is that in times of economic uncertainty, people are increasingly turning to Bitcoin.
This just goes to show what a long way Bitcoin has to go before it can be deemed a truly global currency. Tom is a cryptocurrency expert and investor from Edinburgh, United Kingdom, with over 5 years of experience in the field.
He holds an MA in diplomacy and BA in politics from the University of Nottingham, giving him a firm understanding of the social implications and political factors in cryptocurrency. He believes in long-term projects rather than any short term gains, and is a strong advocate of the future application of blockchain technology.
Contact Tom: tom totalcrypto. This article must not be construed as investment advice. Always do your own research. Related Posts. The leading ATM producer worldwide as of July was Genesis Coin, with approximately 35 percent of the market share. However, the future of this virtual currency is yet unknown.
If the most important difficulties are overcome, especially those related with regulations on the cryptocurrency market, and people all over the world start to trust in Bitcoin, it might become one of the most popular choices for online payments. As of May , only two percent of Americans owned Bitcoin, but 26 percent said they may buy it in the future.
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Bitcoin as investment Most expensive crypto currency. Price of Bitcoin. Number of Bitcoins in circulation worldwide. Leading Bitcoin ATM producer globally. Genesis Coin. Use of Bitcoin Share of Americans who currently own Bitcoin. Number of Blockchain wallet users worldwide. More interesting topics Related topics. Investment Banking. Credit cards in the United States.