The deteriorating global economic situation comes as a blessing to the popular digital currency Bitcoin. The activity in the digital currency market is known to be completely opposite to that of the conventional ones and Bitcoin has proven it yet again.
According to reports, there has been an increase in demand for the digital currency in Malaysia followed by the weakening Malaysian Ringgits. Last week, LocalBitcoins in Malaysia is said to have registered an all-time highest trade volume of over 737,218 Ringgits worth of Bitcoin, which is roughly around $182,000. Even though the volumes seem to be less compared to daily overall bitcoin volumes on the Bitcoin network, it is nevertheless a milestone for the country’s bitcoin community.
The sudden increase in demand for bitcoin in Malaysia is quite similar to the trends exhibited by the digital currency markets in Kenya, Russia, and Venezuela. All these countries have one thing in common, their weakening economies. The spike in Bitcoin demand across these regions has occurred almost at the same time.
Kenya registered an all-time high of over 10.5 million Kenyan Shillings worth of