Top five countries tormented by the “Bitcoin FOMO” phenomenon


Bitcoin

Bitcoin is a global phenomenon, there is no doubt. Everyone either has heard of it, has it or hates it. The “people’s currency” has made strides in proving that its value is here to stay, after experiencing a sharp increase in its price for fewer than three weeks. Many countries around the globe are looking for ways to benefit from blockchain and to even leverage their currency statuses through stablecoins and Bitcoin.

There are some countries, however, that are just taken with the Bitcoin fear-of-missing-out phenomenon, or simply Bitcoin FOMO. According to press, the Google searches in these countries show their FOMO fever. The list comes from information from Bitcoinist.

Brazil

Brazil ranks first in terms of Bitcoin FOMO. Brazil experienced a new high level of Bitcoin trading in April, 2019 with over 100,000 bitcoins traded in 1 day, or 24 hours. The trading volume of this stands at around $500 million.

Colombia

After Brazil, Colombia ranks second in terms of Bitcoin searches in Google. Colombia is one of the countries that has a favourable environment for cryptocurrencies. However, the country is a host to over 1 million Venezuelans, who seems to be strengthening the Bitcoin FOMO fever in the country.

Germany

When we think about FOMO or any kind of crypto fever, Germany is probably the last to come to our minds. However, the cash-loving country has one of its largest banks as the “promoter” of money laundering schemes, so it’s natural for many people to lose their faith in the financial system of the country. In addition to this, Germany has a very favourable environment when it comes to cryptocurrency businesses and spreading the crypto “vibe”.

Austria

Again, another improbable candidate for this list is Austria. The searches for Bitcoin increased dramatically in April, 2019 when the ANON Blockchain Summit was taking place in the country. Giants such as Accenture and IBM announced that they are all for development and investment in blockchain. In addition, Austria has more than 100 Bitcoin ATMs. This is truly remarkable for such a small country.

Argentina

The last country of the Bitcoin FOMO list is Argentina. The reason for the FOMO here is the fear of domestic currency collapse and rising inflation. According to Bitcoinist, around at 54 percent on an annual basis, the price of BTC in Argentina’s local currency, the peso, is already higher than its all-time high in 2017.

 

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Top five countries tormented by the "Bitcoin FOMO" phenomenon

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