Bitcoin Relies in Malaysia due to the Ringgit fall
The global economic situation has made Bitcoin becomes more popular amongst the group, in this case the deterioration of the national currency Malaysian Ringgit has made Bitcoin increase its demand.
Malaysia registered a higher volume of trade in recent times, this sudden demand for Bitcoin in this country is quite similar to the trends in the digital currency markets in Kenya, Russia and Venezuela. All these countries have a weakened economy in common.
The increased demand for Bitcoin amongst Malaysians is attributed to the recent developments in the Malaysian economy caused by Malaysia Development Bhd research on participation’s in embezzlement and laundering through US banks. The call for an investigation into the state institution has led to reduced confidence in the country’s legal tender Ringgit among investors.
Malaysian currency has had a 2.7% fall in the last week. What has made investors look for other alternative investment options. That is why Bitcoin remains the safe haven for many people around the world and it can be expected that demands will increase further in the coming months as many economies tend to fail.
Source: newsbtc, http://www.newsbtc.com/2016/07/28/bitcoin-trade-incease-malaysia/