The naysayers called Bitcoin dead (more than 350 times, to be precise). Veteran investors like Warren Buffet called it a ‘delusion’. Well, tell that to these five countries gripped by FOMO fever right now.
Google Searches for Bitcoin Show FOMO in these Countries
As the largest country and economy in South America, conditions for Bitcoin FOMO in Brazil are particularly ripe. And in fact, the land of the samba and caipirinhas recorded a new record level of BTC trading last month at over 100,000 bitcoins in 24 hours. That’s a massive 2 billion BRL (almost $500 million USD).
Bitcoin makes a compelling case in countries where trust of the traditional financial system and the governing party is low. Brazil, with its corrupt governments and rising inflation may not be Venezuela. But with 62 percent of its 212 million+ population aged 29 or younger, savvy generations are spreading the word.
Ranking second highest for Bitcoin searches on Google is Colombia. With its disastrous neighbor to the east, Colombia has become host to over one million Venezuelans over the last few years.
The country has a generally supportive government for cryptocurrencies and conditions for Bitcoin are favorable. But the added boost in FOMO appears to be from the Venezuelans living here.
Living with over one million percent inflation annually makes Bitcoin’s volatility during look like peanuts. Now the bull market is here, BTC has already made gains of 111 percent this year.
Stocks are up 12% in 2019.
Bitcoin is up 111% in 2019.#GetOffZero and get in the game. ?
— Pomp ? (@APompliano) May 24, 2019
In a country famous for its conservatism, it’s hard to imagine the Germans buying into FOMO–especially when it comes to their finances.
But then again, one of the country’s largest banks is consistently the main perpetrator in money laundering scandals. Its people are losing faith in the country’s leadership. Oh, and Germany is becoming somewhat of a breeding ground for cryptocurrency startups and legal STOs.
On top of that, more than one-quarter of young Germans has bought or is considering buying BTC and other cryptocurrencies. The Blockchain and Bitcoin conference Unchain coming up in Berlin in a couple of weeks could be an additional FOMO factor.
Bitcoin searches climbed to a peak last month around the time of the ANON Blockchain Summit in Vienna. Here the news was officially announced that major names like Microsoft, IBM, and Accenture were heavily invested in blockchain.
Austria is big on Bitcoin in general with more than 100 Bitcoin ATMs in and around this tiny country. With a solid economy and low inflation, institutional investment in blockchain appears to be driving the retail FOMO right now.
Heading back to South America, it’s no surprise that Argentina is now in the grips of FOMO when it comes to Bitcoin.
Bitcoinist has reported multiple times about how its people are buying BTC to shield their wealth from rising inflation. In fact, at around 54 percent annually, the price of BTC in Argentina’s local currency, the peso, is already higher than its all-time high in 2017.
In a country that’s friendly towards Bitcoin, that allows it to be used for public transport, and whose economy is increasingly in tatters, Bitcoin makes perfect sense.
Bitcoin Way More Popular Than Other Cryptocurrencies
One interesting point to note is that when you compare searches for ‘Bitcoin’ to ‘Ethereum’, or ‘cryptocurrencies’, Bitcoin searches take almost all the traffic at an average of 95 percent.
So while these countries may be getting gripped by Bitcoin FOMO, awareness of the ecosystem as a whole is still a long way off.