If you look at the latest activity on Localbitcoins, there has been a large spike in recent days from both Argentina and Venezuela buying bitcoins. Both these troubled Latin American countries have displayed a steady increase in buying cryptocurrency due to rising inflation and troubled economies. But is the sudden uptick evidence of the two countries buying the dip?
Looking at the charts, one of the first things you notice is that bitcoin purchases in Venezuela didn’t really begin in earnest until the second quarter of this year. Since April of 2018, the volume has increased from around 17 million to over 3 billion for the second week of December 2018, where it rises astronomically.