Post
Topic
Board Bitcoin Discussion
Re: Why is the price of BTC (and any other crypto) always higher in Asian countries?
by
avikz
on 23/09/2020, 05:11:54 UTC
Its consistently higher that what the normal currency exchange rate would suggest in Asian countries.

For example if you multiply the USD rate of 1 BTC with the CNY rate, its 1 BTC = CNY 73,600, but exchanges there have it around CNY 75,500.

In other countries in Asia and South America also BTC is more expensive to buy in non-USD currencies than in USD.

Why is this the case?

That happens every single time! Even in my local currency, I have seen this trend and I believe it is because the buyer is willing to pay higher price or bullish about it. Usually in p2p platforms like Localbitcoins or Paxful, a higher buy price usually get more visibility among other buyers, so that can be another reason for keeping such higher price. But it's not only in Asian countries, even in Latin American countries, I have seen similar trend. USD is just a single currency to calculate bitcoin's price, it doesn't necessarily have any control over the decision process of bitcoin price. It's just an identifier!