• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

From Brexit Stricken Pound to Hyperinflation Venezuela Investors Turn to Bitcoin and Ethereum New Data Reveals

23/08/2017 15:06
No comments

New Data shared with trustnodes reveals strong correlation between falling currencies and interest in digital currencies, like bitcoin and ethereum, for residents of that country.

Investing.com, a global financial portal used by millions of traders and investors around the globe, looked into the top 10 countries interested in cryptocurrency across its platform.

They notices something interesting. The data revealed a trend between failing currencies in every part of the globe and investors turning to crypto for wealth protection.

That applies to rich countries and poor countries alike, with all five of the worst performing currencies for 2017, including Venezuela, Argentina, Belarus, UK, and Egypt, making it onto Investing.com’s top 10 list of countries interested in cryptocurrency.

Venezuela’s rising interest in crypto.

“It’s been quite apparent over the last few months that Venezuelans are turning to cryptocurrency at an exponential rate as a safe haven for their wealth and investments in their crisis-stricken economy,” a representative from investing.com said, but “it isn’t just Venezuelan citizens that are turning to cryptocurrency amid failing currencies,” she added.

UK, in particular, has seen a considerable rise in digital currency investment following a significant fall in Pound’s value after the Brexit vote.

That sent their currency to near Euro parity, when it used to be much higher. So seemingly sending interest in cryptocurrencies higher too as Brits try to protect their wealth.

UK’s rising interest in crypto
Top ten countries interested in crypto.

The story is repeated in other countries that saw their currency fall, either due to political events or because of falling oil prices.

Contributing to a rising total market cap for all digital currencies to new highs. Up from $20 billion to now more than $150 billion with 24 hour trading volumes for some currencies rising at times higher than bitcoin’s total market cap last year.

Correlation does not necessarily mean causation, but the only outlier in the data seems to be Germany. The rest have experienced considerable inflation or a falling value for their fiat money.

Current total market cap for all digital currencies.

Egypt, for example, saw a 56% drop in their  state issued money last year after their government decided to float the currency to secure a bail-out from IMF.

Argentina’s Peso fell 17% against the Dollar, on top of its inflation. While Venezuela’s tragic story is now well known, with the country collapsing after falling oil prices that sent its inflation to 1,000% or more.

Gold is usually a preferred commodity in such cases, as well as more stable currencies like dollars, but many are turning to digital currencies too, like bitcoin or ethereum. Explaining, at least in part, the great spring and summer boom.

 

Related Posts

Pakistan stock exchange

Pakistan and Egypt at Risk of Currency Crisis

The bitcoin bull, is it in sight? AI generated art. Jan 2023

Bitcoin Bulls Struggle with $23,000

White House Seeks Public Comments on Crypto Strategy

India’s Billionaire Showcases Digital Rupee

Load More
  • Trending
  • Comments
  • Latest
A trillion dollar coin

A Trillion Dollar Coin, is it Coming?

Pakistan stock exchange

Pakistan and Egypt at Risk of Currency Crisis

Stone Ridge offices

NYDIG Bitcoin Funds Near $1 Billion

Bin Faqeeh accepts bitcoin, Jan 2023

Bahrain Property Giant Starts Accepting Bitcoin

Pakistan stock exchange

Pakistan and Egypt at Risk of Currency Crisis

The bitcoin bull, is it in sight? AI generated art. Jan 2023

Bitcoin Bulls Struggle with $23,000

Biden signing crypto executive order in 2022

White House Seeks Public Comments on Crypto Strategy

Paying with e-rupee, Jan 2023

India’s Billionaire Showcases Digital Rupee

Comments

Latest News

  • Pakistan and Egypt at Risk of Currency Crisis
  • Bitcoin Bulls Struggle with $23,000
  • White House Seeks Public Comments on Crypto Strategy

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com OR ##bitcointraders on IRC, Rizon. RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com OR ##bitcointraders on IRC, Rizon. RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?