Demand for bitcoin rises in Malaysia as ringgit falls

Say what you want about bitcoin—yes, we’re looking at you Miami—but there’s no denying that the popular digital currency will continue to be the go-to safe haven asset amid the deteriorating global economic situation.

Bitcoin’s popularity is on the rise in countries such as Venezuela, whose inflation rate is predicted to soar to 1,640 percent in 2017. According to Bitcoin Magazine, there has been an “explosive” growth for digital currency trading in the South American country following the International Monetary Fund (IMF) forecast.

But the biggest surprise this week came out of Malaysia.

Several media outlets reported that bitcoin trading in the Asian country is “off the charts” due to the weakening Malaysian ringgit, which dropped over 2.7 percent in the past week. Malaysia-based LocalBitcoins reportedly registered its highest trade volume of more than MYR737,218 (USD181,288) worth of bitcoin. That amount may seem small if compared to the overall volume on the blockchain network, but it’s still a milestone for Malaysia’s cryptocurrency community.