Bitcoin trading volumes increased in several troubled countries, indicating that citizens are considering Bitcoin as safe haven. General currency tradings are quickly diminishing due to hyperinflation and other geopolitical reasons and thus, citizens in Venezuela and Hong Kong are looking at Bitcoin and other cryptocurrencies for alternative stores of value. Data according to LocalBitcoin, a peer to peer Bitcoin trading platform also shows that economically troubled countries precisely are experiencing an increase in the trade of Bitcoin. In South America comparing 2019 to 2018, analysts observed that as economies continue to suffer, so Bitcoin trading volumes have hiked. Breeding ground
