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USA: Biannual History of Weekly LocalBitcoins Volume

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  • Alexander Goborov
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    The latest figures show that the United States is currently trading at around 7 million USD per week on LocalBitcoins

USA: Biannual History of Weekly LocalBitcoins Volume
Cover image via u.today

LocalBitcoins is a Bitcoin trading platform that was established back in 2012. It is headquartered in Helsinki, Finland, and remains one of the most popular virtual places among those who wish to trade Bitcoin on a peer-to-peer basis. We have recently brought you Struggling Economies in South America Forcing LocalBitcoins Boom which examined how Venezuela, Argentina, Colombia, Peru, and Chile heavily contributed to the increased trading volumes on the website. Now, it’s time to look at the United States.

As was previously shown, the United States is the global leader by the number of Bitcoin nodes, the number of people who own cryptocurrencies, as well as the number of crypto billionaires/millionaires. We thought it would be interesting to also see how the US is doing on LocalBitcoins, so here it is, the history of weekly LocalBitcoins volume, organized biannually (i.e. six month averages or two quarters combined):

image

2013: A modest start with around 100K USD per week, followed by a sharp climb in the second half of that year to over 1 million USD per week.

2014: Around 2 million USD per week in the first six months, close to 3.5 million USD per week in the second half of the year.

2015: A continued climb, around 4 million USD per week in the first half, followed by a further increase and the figure growing to almost 5.5 million USD per week in the second.

2016: Both biannual averages show weekly volumes between roughly 6.5 and 7 million USD.

2017: A reach for the figure of 8 million USD per week in the first two quarters and a further leap to 9.5 million USD per week in the second half of the year, during the last Bitcoin bubble.

2018: An expected drop to around 8.5 million USD per week in the first half (note: unlike Latin America, the US is not a struggling economy), followed by a further decrease to the current figure of around 7 million USD per week in the second half of this year.

We hope you found this list useful. Stay tuned for more to come and be sure to also check out these:

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About the author

Alexander Goborov (MSc) is U.Today’s chief editor of analytics. Before joining our publication, he worked in research and education, and, briefly, as an academic ghostwriter.

His articles range from scientific to creative, among them those that came out in Journal of Language Learning, St Petersburg Times, and Kommersant.

At U.Today, he and his team specialize in the economic analysis of the Blockchain market, infographics, as well as interviews.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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