Analysis of LocalBitcoins data shows that Bitcoin has exceptionally high rates of usage in countries with low economic freedom, supporting the argument that BTC is sound, unstoppable money.
Established in 2012, LocalBitcoins is the world's most popular and longest-standing peer-to-peer Bitcoin exchange.
This data is particularly useful for analysis of regional trends in Bitcoin adoption in ways that other online exchanges are not, as pointed out by data scientist Matt Ahlborg.
Russia-386K BTC.United States-282K BTC.China-208K BTC.United Kingdom-155K BTC.Nigeria-101K BTC.Venezuela-99K BTC.Colombia-40K BTC.Australia-40K BTC.India-28K BTC.South Africa-23K BTC. The Russian government was one of the earlier major economies to legalize, or at least decriminalize, Bitcoin in 2016.
While the argument for Bitcoin as a deflationary hedge against currency inflation has solidified in recent years, there does not yet appear to be a compelling correlation between inflation rates and LocalBitcoins volumes proportionate to population, aside from Venezuela with its outlandish 10 million-percent inflation rate.
Intriguingly, several of the world's most free economies rank in the top-10 for Bitcoin per capita relative to GDP, namely New Zealand, the United Kingdom, Sweden and Australia.
Nigeria has in recent years had a striking interest in Bitcoin.
Google Trends data reveals Nigeria as the nation with the most Google searches for the term "Bitcoin" year-to-date, demonstrating strong interest.
The timeline of Nigeria's interest in Bitcoin on Google supports this idea.
At any rate, Bitcoin is being adopted in many of the world's most and least developed economies.
Data shows Bitcoin interest high in places with low economic freedom
gepubliceerd op Oct 13, 2019
by Cryptoslate | gepubliceerd op Coinage
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