Bernos assures that BTC has more support in the Peruvian market.
According to the executive, steps are being taken towards digital digitization in Peru.
An analysis by the Latin American exchange Buda.com shows that Bitcoin (BTC) transactions in Peru are increasing by an average of 20% every week. A stronger upward trend became noticeable in the context of the presidential elections in this country, the first round of which took place on April 11th.
Buda.com carried out the study between March 29th and April 18th, just in the electoral period. The purchase of cryptocurrencies reached more than USD 5 million during the investigation period, of which more than USD 3 million corresponded to Bitcoin.
However, the highest transaction volume was observed in the last period (April 12-18), when more than USD 2 million were traded at the same time as the elections. According to the Órbita agency, Carlos Bernos, Country Manager of the Peru Stock Exchange, referred to the increase in transactions as follows:
It is impressive to see how receptive the Peruvian market is to cryptocurrencies, particularly Bitcoin. This crypto activity is the one with the greatest support in the market. Thanks to its blockchain technology, it has proven to be a safe and reliable digital currency for those who choose to use it.
Carlos Bernos, Buda.com Country Manager.
According to the executive branch, these changes are very optimistic for Peru as they indicate it take another step towards digitization and financial inclusion, both beneficial for personal finances.
Peruvians expressed concern about their economic future. The candidate with the most votes and presidential candidate of the Peru Libre party, Pedro Castillo, intends to change the current economic model in the country. Their proposals are aimed at an interventionist state by nationalizing certain key industries such as mining, hydrocarbons, communications and others, the Buda.com stock exchange reported on its website.
“Anyone can invest the amount they want in Bitcoin”
Bernos recalled that “contrary to popular belief, anyone can invest whatever they want in bitcoins. This is a great feature as the market can be open and decentralized to anyone who wants to acquire it.
With this in mind, it was highlighted on the Link Empresarial portal that Bitcoin broke the transaction record in Peru in the first nine weeks of 2021. Reaching numbers over $ 16Mand exceeded what was traded during the course of 2020.
According to Local Bitcoins, the volume traded on this P2P platform since April of this year has been 12 million Peruvian soles ($ 3.23 million). In contrast to Buda.com, transactions between people via LocalBitcoins did not show any significant increase in volume during the period analyzed.
The following graphic shows the volume of cryptocurrencies traded in Peru in the period from March 29 to April 18, 2021, according to the Buda.com exchange
Interest in cryptocurrencies in Peru continues to grow. Weekly trading volume rose 24.14% in the week of the election, April 11, and 24.36% the following week. Source: buda.com.
This table shows the Bitcoin volume traded in Peru from March 29 to April 18, 2021 according to the Buda.com portal.
The weekly trading volume of BTC increased 25.10% and 23.05% respectively. . Source: buda.com.
With the Lima Stock Exchange, Peruvians can invest in a Bitcon ETF
In addition to this announcement by the Buda.com exchange, the fact that Peruvian investors began doing business with Bitcoin (BTC) on the Lima Stock Exchange (BVL) starting this month of May 2021. This is possible because last February the Canadian financial market authorities approved the creation of an Exchange Traded Investment Fund (ETF) that invests exclusively in this cryptocurrency, which can be traded in other brokerage houses around the world.
In May 2021, BVL listed BTC in the Bitcoin Exchange Traded Investment Fund (ETF) of the business organization Purpose Investments (which was admitted to the Toronto Stock Exchange). Therefore, The Lima Stock Exchange previously requested thisas reported by CriptoNoticias on May 13, 2021.
They are trying to increase BTC as a payment method worldwide
The increasing adoption of Bitcoin seems to be a global trend. Recently, when the crypto market collapsed on a tweet from Elon Musk, CEO of Tesla, Bitcoin was under $ 50,000 (MicroStrategy) The inventory of BTC in their coffers continued to grow.
Michael Saylor, CEO and founder of the business intelligence company, announced the execution of a new purchase of bitcoins for about $ 15 million with which it already accumulates nearly 92,000 BTC.
BTC is not only aimed at institutional purchases, but also as a payment method. A study by Deutsche Bank found that Bitcoin and other cryptocurrencies have increased as a payment method, mainly due to the coronavirus pandemic. The study predicts that cash use will decline within four to five years.