Bitcoin Demand Increasing in Argentina

In Argentina, the demand for Bitcoin is increasing as the national currency, the Peso, loses value. The highest Bitcoin purchase volume in 20 months was recorded, with 35,000 customers buying Bitcoin in the week of March 10th. Economic Instability Increases Bitcoin Demand The value of the Argentine peso against the US dollar falling by a quarter in the past 12 months is directing the public to alternative value stores, and Bitcoin is emerging as a result. According to information obtained from local exchanges such as Lemon Cash, Ripio, and Belo, there is a significant increase in demand for Bitcoin and other cryptocurrencies. Manuel Beaudroi, CEO of Belo, reports that while stablecoin purchases have decreased, BTC and Ethereum trading volume has increased significantly with the rising prices and increased interest from users. However, some Argentinians are bypassing tight currency controls and combating inflation by buying stablecoins through black market exchanges known […]

Bitcoin Demand Increasing in Argentina

In Argentina, the demand for Bitcoin is increasing as the national currency, the Peso, loses value. The highest Bitcoin purchase volume in 20 months was recorded, with 35,000 customers buying Bitcoin in the week of March 10th.

Economic Instability Increases Bitcoin Demand

The value of the Argentine peso against the US dollar falling by a quarter in the past 12 months is directing the public to alternative value stores, and Bitcoin is emerging as a result. According to information obtained from local exchanges such as Lemon Cash, Ripio, and Belo, there is a significant increase in demand for Bitcoin and other cryptocurrencies.

Manuel Beaudroi, CEO of Belo, reports that while stablecoin purchases have decreased, BTC and Ethereum trading volume has increased significantly with the rising prices and increased interest from users. However, some Argentinians are bypassing tight currency controls and combating inflation by buying stablecoins through black market exchanges known as “crypto caves.”

Developments in Argentina Toward the Adoption of Cryptocurrencies

Regulatory steps are being taken for the use of cryptocurrencies in Argentina. In December 2023, a decree allowing the use of BTC and other cryptocurrencies under certain conditions was announced. With these developments, a contract was signed for rent to be paid in Bitcoin between a homeowner and a tenant in the city of Rosario. Argentine citizens are turning to cryptocurrencies as an alternative to fiat currencies in response to worsening economic conditions in search of financial stability and alternatives.

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