Crypto Frontline

A recent research conducted by Buda.com found out that Peruvians are increasingly becoming receptive to cryptocurrencies such as Bitcoin. The Latin American cryptocurrency exchange performed its study between March 29 to April 18, which is merely in the electoral period.

We find this news about cryptocurrencies encouraging because it demonstrates the world’s people’s recognition and adoption of Bitcoin and other digital assets. Moreover, we believe that cryptocurrencies’ usage will continue to gain ground in the coming months.

Buda.com is a cryptocurrency exchange with an office in Santiago, Chile and operates and develops digital currency markets in South America. Its recent analysis indicated that the Peruvian consumers’ transactions with Bitcoin, whose trading price at the time of writing is US$42,968.03 per the information posted on Coinmarketcap.com, climbed to an average of 20 percent weekly.

Additionally, the researchers discovered a greater upward trend which became noticeable in the Peruvian presidential elections’ framework. The public vote upon Peru’s leader had its first round happening on April 11.

According to the report posted online by digital media start-up Explica, virtual currency purchase operations reached over US$5 million in the period under study. Plus, of these figures, over US$3 million corresponded to Bitcoin.

But the Buda.com researchers observed the highest transaction volume in the final period from April 12 to 18. Furthermore, they found out that over US$2 million worth of digital coins got traded, and this event coincided with the elections.

With these statistics, Carlos Bernos felt impressed as he witnessed Peruvians trusting and receiving cryptocurrencies well, especially Bitcoin. The Buda.com country manager described the world-famous virtual currency as the most supported in the financial markets because of its blockchain technology.

Bernos also remarked that with such an advantageous feature, Bitcoin has proven to be a dependable and safe cryptocurrency for its users. We feel optimistic for the Peruvians as they put their trust in Bitcoin and other cryptocurrencies.

However, we gathered that they had expressed their worries about their economic future. We understand them, considering the current bleak global economic climate caused by the ongoing coronavirus or COVID-19 pandemic.

Nevertheless, learning about Bitcoin transactions surging in Peru during the presidential elections’ first round is great news. With the Peruvians trusting Bitcoin increasingly, we think that they made the right decision. After all, we believe that adopting cryptocurrencies is the path towards the South American country’s financial digitalization.

Moreover, we think that it is a way for people to achieve financial inclusion. We believe that trusting Bitcoin and using it countrywide eventually will tremendously benefit Peruvians’ financial lives as we are moving towards financial digitalization and away from traditional finance.