Bitcoin prices are surging in Argentina and latin-america, as inflation continues to rise in Agentina since 2014.
The Argentine Peso hasn’t been doing well as the currency has been going through inflationary spikes with brief returns back and forth for years. Now the latin-amricans are turning to Bitcoin and cryptocurrencies to combat the loss of purchasing power.
Argentina Government Laws Limiting Savings In USD
It’s common practice in Argentina to keep savings in USD – but the government limits purchases of USD to $200 a month, which is sending many looking for alternative ways of storing value – and for many in South America, the answer is crypto.
According to Marcos Zocaro – an Argentinian expert in digital assets said that “older clients who used to be afraid of making a fixed deposit with a bank but are buying cryptocurrency without fear of risk”.
And according to Maximiliano Hinz – the director of Binance South America “The number of user accounts for investing in ‘cryptos’ has multiplied by ten in Argentina since 2020”.
The cryptocurrencies of choice are not limited to BTC and ETH either – many Argentines are also buying up stablecoins such as USDT and DAI.
Latin American Companies Buying Bitcoin
We have also recently seen the Biggest Latin American E-commerce Firm MercadoLibre Bought $7.8 Million Bitcoin in Q1 as more companies add Bitcoin to thier balance sheets.
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