Market Structure
October 26, 2018, 11:29AM EDT
• 4 min read

Analysis: Russia and Venezuela dominating LocalBitcoins volumes, an intriguing proxy for bitcoin demand

Larry Cermak

Quick Take

  • LocalBitcoins volumes give a good insight into bitcoin demand in a specific country
  • Coin Dance aggregates LocalBitcoins data but still misses important features such as volumes in USD, demographic breakdown, and weighting by population
  • Russia is dominating LocalBitcoins volumes with 26.5% trailed by Venezuela (12.2%) and the U.S. (11.8%)
  • If LocalBitcoins volumes are indicative, the importance of developing countries in the Bitcoin ecosystem is quickly growing
  • In 2013, 90% of all volume was coming from the U.S., UK, and Australia. Now, the three share a mere 19%

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