In the last week of March, the amount of Bitcoin traded by Mexicans via the LocalBitcoins P2P platform exploded by a huge percentage to reach a record high.
As the White House is mulling ways to restrict payments sent to Mexico in a desperate attempt to curb the surge of undocumented immigrants crossing the US border illegally, the demand for Bitcoin has exploded in Mexico. The top-ranking cryptocurrency set a new trading record of around $560,000 on LocalBitcoins.
According to Coin Dance, Mexicans traded BTC worth approximately 10.70 million pesos towards the end of March, just days after a senior Trump administration official told reporters that plans to restrict remittance from the US to Mexico were underway. A report released by the Wall Street Journal on April 9 reads in part:
“The Trump administration laid out ways to move more aggressively against Central Americans seeking asylum in the U.S., including stepping up pressure on Department of Homeland Security officials, amid a fresh setback in the courts and continued…