Traders and investors are increasing their efforts to invest more in Bitcoin via peer-to-peer trading. This is because many countries have put a ban on cryptocurrency, and people also want to hedge money against inflation caused by central banks’ money print.
India Tops the List
P2P trading volume of Bitcoin has reached an all-time high in six different countries, including India, Ghana, Philippines, Argentina, Mexico, and Egypt. India and Ghana top the list with $3.4 million and $1.7 million respectively. Both Argentina and the Philippines witness P2P trading volume reaches near $1 million. Mexico and Egypt are the fifth and sixth countries at $700,000 and $150,000 respectively.
After ban lifting in India, one of the most populous countries of the world, cryptocurrency gets a wide exposure across the country for both P2P trading and exchange trading. To avoid inflation, Indian investors are diversifying their portfolios by adding cryptocurrency.
The crypto exchanges in India have also seen remarkable growth after the removal of the crypto ban. WazirX, one of the top crypto exchanges, saw a 160% increase in sign-ups that caused trading volume to surge by 66%.
In P2P trading, there is no third party at all such as exchanges or brokers. The increasing interest in peer-to-peer trading shows that individuals want to invest in digital assets despite the government’s strict policies over the usage of crypto assets in the country. For example, in an African country, Ghana, the youth is attracted to Bitcoin despite government ban as to earn high returns. In Venezuela, the weak fiat value has inspired people to invest in Bitcoin.
The printing of enough cash on the part of central banks is another major reason why citizens are finding other investment ways to hedge their money.
Last month, the crypto data firm UsefulTulips reported that peer-to-peer trading activity in the United States reached an all-time high. In the first week of June 2020, Bitcoin worth $29 million traded on prominent P2T trading platforms including Paxful and Localbitcoins.