Regulators mount up , Local Bitcoins pumps up
CHINA CHINA CHINA not only has the PBOC said that exchanges have to stop no fee trading that could create “fake volume” but they are also going to make their own coin. Once the figured out that they are late to the party they are trying to crawl in the bathroom window screaming “me too, don´t forget about me”. India´s top exchanges team up to form the National Bitcoin Alliance in an effort to self regulate. Meanwhile in the USA regulators ponder the rule change regarding the Winkelvoss COIN ETF. Japan is launching it´s own version of New York bitlicence. Venezuela is cracking down on bitcoin miners while having a currency crisis.
In China people went nuts after the PBOC started to vist the exchanges:
People are going to find a way to get bitcoin. We do not know for sure but there are a few main reasons people are willing to pay a premium and buy bitcoin localy. A lot of people are looking for a store of value alternative to the local currency. In India there is a move by the goverment that many see as the start of getting rid of cash. Although they only have limited the number of some bills people perceive this as a possible crack down on any kind of value the goverment can not track. This has in part fueled the demand for bitcoin on exchanges and now in the local bitcoin market.
In Venezuela local bitcoins is also exploding with volume. The exchange rate VEF/USD dumped hard last year and since then bitcoin has become more popular.
Will Trump build the wall and at the same time restrict remittance to Mexcio? Bitcoin could provide the means to get funds to and from Mexico if that happens. Regardless the volume on localbitcoins is relentless and keeps pumping.
Keep in mind that all of the buyers on these charts are paying part of the 1% Local Bitcoin Escrow fee AND a premium from 5% to 20%. Also these charts do not show how many people just use localbitcoins as a way to meet people and then do business without the localbitcoins 1% escrow fee.
Nate Dog and Warren G. talking about Local Bitcoins (LBC) in teh 90s? Just hit the eatside of the L.B.C. On a mission trying to find Mr. Warren G. (RIP Nate Dog)