March 17, Venezuelan president Nicolas Maduro announced national quarantine in connection with the coronavirus pandemic what caused the growth of Bitcoin trading volume in the country.
At the current moment in Venezuela are registered just 33 cases of coronavirus infection, however, Maduro has decided to take the most stringent measures and has declared national quarantine. This decision led to the temporary closure of the vast majority of companies, including banks. As a result, Bitcoin became the real alternative to fiat.
Bitcoin showed record trading volumes with bolivar at LocalBitcoins at the beginning of the year. Since that time trading volumes were gradually declining, but two weeks ago Bitcoin`s popularity increased again.
It seems that the spread of coronavirus influenced the popularity of the first cryptocurrency throughout the Latin American continent. In such a way, BTC trading volume in Peru grew by 30%, and in Colombia — by 15%. The other days, both countries closed their boards.