Over the past week, the Bitcoin has recorded two new records as regards the volumes traded. If either one, the one registered in Argentina, does not arouse excessive surprises, the same cannot be said for the other. Indeed, the protagonist was the Japan, a country where the local currency, the yen is proving to be very strong against the US dollar.
So what is the reason for this data, recorded by LocalBitcoins? A question that many have asked themselves, just to try to understand what is happening.
The Japanese case
According to LocalBitcoins, in Japan over the past week trades on BTC would have been recorded for a value of just under 10 million yen. If, on the one hand, these are limited exchanges, considering that the figure relates to no more than a dozen tokens (about 80 thousand dollars), on the other hand, it should be stressed that the previous record stood at around 5,6 million yen. A datum dating back toOctober 2018 and which in any case is considered uninteresting since the Eastern country, precisely in consideration of the limited exchanges of BTC, occasionally records flare-ups of this kind.
The Argentine case
More interesting is the case of Argentina, a country where the creation attributed to Satoshi Nakamoto has long since turned into a real refuge. A large number of Argentines, in fact, use BTC to cushion the consequences of too high inflation levels. In practice, as soon as they collect salaries and pensions in pesos, they convert them into Bitcoin. Although they know that cryptocurrencies are subject to considerable fluctuations, they prefer to take the risk (however, they can gain if the BTC price rises) rather than seeing their purchasing power collapse in a matter of hours.
Life is difficult again for weight
Since August 2019 the weight has been continuously falling. Argentina, in fact, despite the liberal reforms impressed by Mauricio Macri, is once again struggling with the difficulty of paying its debtors. So much that he had to proclaim his own technical default, which was moreover paid by the former president with the defenestration from Casa Rosada, to the advantage of the Peronist faction which proclaims itself against the excesses of the free market.
Even in Argentina there is no mention of a sensational volume of Bitcoin. It would in fact be the correspondent of about 400 thousand US dollars, equal to 47 tokens. The fact is that the South American country boasts approximately half of the Japanese population, in addition to a gross domestic product equal to that of Iran and Bulgaria.
Why are the primates of Japan and Argentina significant?
Another fact is what makes the two records of volumes recorded in Argentina and Japan significant: since the mandatory introduction of the KYC was introduced (the Know Your Customer anti-money laundering procedure), the volumes of Bitcoin traded have practically stabilized.
Verification of identity for users of the P2P exchange, in fact, has reduced weekly volumes globally from 6 thousand and 4.500, without the data having regained strength. Precisely for this reason what was recorded in the past week by LocalBitcoins aroused a certain amazement among professionals and experts.