Last week Bitcoin trading volumes in Hong Kong dollar on LocalBitcoins reached the highest levels ever for the city of Hong Kong in the midst of protests against the government. According to Coin.Dance, trading volume on LocalBitcoins Hong Kong dollars.
Mati Greenspan shared on Twitter that the trading volume on LocalBitcoins.com has reached even higher numbers – $13 million HKD last week – indicating that some citizens view cryptocurrency as a “safe haven.”
It’s worth noting that the recent trading volume is just $1.4 million USD, and in USD it’s not even the all-time-high, which was recorded at $1.53M in December 2017. As for BTC, the all-time-high trading volume was recorded in November 2015, with 1,086 Bitcoins traded that week.
Hong Kong is not the first country where a rise in instability has correlated with cryptocurrency trading volume spikes. For example, a volatile situation in Argentina has led to wider-than-average cryptocurrency adoption, which counts for 16% of respondents who use or own cryptocurrency.