Cryptocurrency trading in the Czech Republic has seen a slight increase in April, with the volume of trades rising by about CZK 10 million compared to the previous month. The statistics were released by the country’s largest cryptocurrency trader Bit.plus, showing that Czechs traded cryptocurrencies worth more than CZK 1.16 billion in the first four months of 2021. However, this represents a 22.5% decrease compared to the same period last year.

The decreasing interest in cryptocurrencies in the Czech Republic may be due to the recent banking turmoil, which has prompted investors to look for alternative investment options. Despite this, Bitcoin and Ethereum are still the most popular cryptocurrencies in the country, although there are nearly 10,000 cryptocurrencies in the world.

The rise in cryptocurrency prices over the last month can be attributed to the growing trend of investors seeking alternative ways to invest their funds. This has resulted in increased prices not only for cryptocurrencies but also for government bonds and gold.

The CEO of Bit.plus, Martin Stránský, believes that the recovery of cryptocurrencies will continue to gain traction, with the increasing exchange rate attracting new investors. While Bitcoin was trading at CZK 380,890 at the beginning of this year, it currently trades at CZK 614,140.

Cryptocurrencies are increasingly seen as an alternative to traditional banking and investment options. They are decentralised, meaning that no single entity controls the currency or transactions, making them more secure and immune to government and bank interference. However, cryptocurrencies are also highly volatile, which makes them risky investments.

In conclusion, while the interest in cryptocurrencies in the Czech Republic has decreased compared to last year, the recent increase in trading volume indicates that cryptocurrencies remain a popular investment option for Czechs. The recovery in cryptocurrency trading is expected to continue, especially with the growing trend of investors seeking alternative investment options.

Article by Prague Forum