According to data compiled by Czech-based leading cryptocurrency exchange Bit.plus, Czech residents spent a whopping CZK3.5 billion ($161.2 million) on cryptocurrency purchases in the first half of this year.
The report, published today by local radio station Radio Prague International, stated that Czech crypto investors were most interested in Bitcoin (BTC), as the number of Bitcoin purchases soared tremendously.
Notably, the amount of cryptocurrency purchased this year alone more than doubled what was recorded in the previous year, which indicates the massive interest in crypto-related investments at the beginning of 2021.
However, the number of crypto purchases in the country has decreased significantly as a result of heightened fears surrounding cryptocurrency investments, caused by the massive market crash in mid-May.
This year saw the inflow of notable investors flood the market as they hoped to use cryptocurrencies as a hedge against inflation. Several online stores have integrated cryptocurrency into their existing list of payment methods as demand for this form of payment continues to increase.
This was illustrated in a recent report published by popular payment firm Visa, noting that over $1 billion worth of cryptocurrencies were used to purchase goods from online stores in the first half of 2021.
The report, which only covered Visa debit cards linked to crypto, outperformed what was recorded in 2019 and 2020, respectively.
Visa rival MasterCard also published a report earlier this year about the growing interest in cryptocurrencies, with millennials leading the way.
Crypto Frenzy Slows Down Amid Market Dip
Unfortunately, interest in cryptocurrencies has slowed down drastically due to the May market crash, which saw over $1 trillion wiped off the market in less than a week.
The crash, as reported, was caused by comments made by Tesla boss Elon Musk regarding the environmental implications of Bitcoin mining activities. Musk’s comments were also followed by regulatory sanctions slammed by Chinese authorities on crypto-related activities in the country.
Ever since, the market has been experiencing massive price fluctuations, with BTC trading within $30,000 to $37,000 price range, with investors holding back to watch how things unfold.
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