We also saw many who start buying BTC in dec 2017 when it was going up. What happen to all those buyers ?
That might be true, but the situation right now is nothing even close to what happened at the end of 2017.
It is interesting to me that people are rushing to buy bitcoin in these countries. I get that their local currencies are in trouble and are losing value pretty quickly, but bitcoin isn't exactly the best store of value if you're looking for stability. You'd think that they'd be trying to get their hands on some US dollars or another currency that isn't undergoing hyperinflation. And believe me, I'm not knocking bitcoin here, just wondering about why it's going crazy in Venezuela and elsewhere.
Obviously, because Venezuela's Bolivar has no value at all, they just hedge their wealth to cryptocurrency such as Bitcoin.
Wouldn't gold or silver be a better way to hedge? That's what people usually buy if they're looking to preserve buying power. Bitcoin's volatility alone makes it not such a good choice for that purpose.