The smell of exhaust fumes in the central square has been replaced by tear gas. It’s hard to get cash from an ATM because the good citizens are ripping them out. But bitcoin trading is marching smartly upward. Welcome to Chile.
Known by global financiers as beacon of stability in unstable South America, Chile has reverted into a mess. The chaos started after the Chilean government stupidly raised the cost of a simple bus ticket four percent. That was enough to send students piling into the streets to demand a rollback of the fare increase.
Ripping Out ATMs
Overly concerned students burned banks, shops, grocery stores, hat boutiques, puppy shelters and ripped out ATMs to get some spare cash for Starbuck’s creamy pumpkin spice lattes. (Starbucks Health Hint: Hold the sugar and ask for more pumpkin pie spice. Or drink water instead.) In turn, the government sent out riot police to tamp down the scholarly enthusiasm. All this action has rightfully led to indigestion among the financial elite.
As the rioters burn banks and raid ATMs, Chileans are looking into cryptocurrencies as an alternative to the Chilean peso (CLP) in order to buy goods.
Bitcoin watchers have reported a spike in Bitcoin trading volume since July. Trading hit a low of 18 bitcoins per week in July and then doubled by the middle of October. The price of Bitcoin hit a high of $6.7 million pesos. That’s about $9,300 USD. Meanwhile, trade volume and price remained stable for the month of October.
The trading action is consistent with the increase in Bitcoin trading around the world. Bitcoin investors are suggesting that trading Bitcoin could rise in Chile should the riots and arson continue.
If you plan a vacation to Chile, bring a lunch. Restaurants may be shuttered. Toilet paper could be in short supply. Stay off the streets to avoid riot police rubber bullets. Avoid pickpockets, injury and possible death by avoiding large crowds. And don’t open e-mails addressed to ”Yankee Dog.”
Bitcoin ATMs May Now Be in Bedrooms
As far as trading bitcoins in Chile, the country has only three bitcoin ATMs. All are located in the Chilean capital of Santiago. Only two bitcoin tellers are available, both in Santiago. Be aware that ripping out ATMs is a new hobby for enterprising students. That means the bitcoin ATM machine you’re looking for may be in a student’s bedroom. Due diligence is recommended.
Here’s a map showing the ATM’s locations.
Check out bitcoin trading in South America with Bantotal. Bantotal has partnered with BTC Bitex exchange to facilitate cryptocurrency trading across borders. Bantotal has its headquarters in Uruguay and offers bitcoin services in 60 banking institutions across 14 countries. Bantotal claims that 20 million people use its banking services. Clients are able to access Bitex services through Bantotal.