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

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

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%

Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

Already a Research Member? Login Here