Checking last week's statistics, 286 BTC were traded in Colombia on LocalBitcoins.
The number is down from 308 BTC traded a week before but exactly the same as the volume a couple of weeks ago. Although, the volume is slowly slipping down from 760 BTC per week in February 2019.
- 286 BTC is over 9,000,000,000 Colombian Pesos.
- One Bitcoin (BTC) is currently about 32,000,000 Pesos.
- One Colombian Peso will get you about three Satoshi.
- Monthly minimum wage is under 900,000 COP - less than 250 USD.
- Inflation rate in Colombia is about 5% per year.
Last week's 92 Bitcoins is pretty impressive, considering the monthly volume is averaging between 200 & 250 BTC.The spike in trading Bitcoins hits the country at its worst economic recession and financial crises.
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 it's cheapest since ATH in 2017. Here's the same volume in COP (Fiat in Colombia):
You can also check the weekly volumes at Coin.dance.
Will keep you posted. If you have any questions, ask in the comments, please - AMA.
Check my previous posts, please:
Who's Behind the Epic Twitter Hack?
One cent (Centavo) in Colombia is now worth less than one satoshi
