Argentinians Turn to Bitcoin Amid High Inflation Rate!

According to PANews, Argentinians are increasingly purchasing Bitcoin to combat the country's high inflation rate of 276%, rather than exchanging pesos for US dollars. Argentina is among the countries with the highest cryptocurrency usage rates, and local cryptocurrency exchange Lemon has seen its weekly Bitcoin purchase volume approach a 20-month high. In the week ending March 10, Lemon recorded nearly 35,000 customer transactions for buying Bitcoin, double the average weekly level last year.
As Argentine President Miley implements shock therapy policies aimed at reviving the economy, Argentinians are finding ways to endure the economic recession and one of the world's highest inflation rates. Manuel Beaudroit, CEO of digital wallet Belo, said that the trading volume of Bitcoin and Ethereum has increased tenfold compared to the same period last year. As Bitcoin's rebound attracts more buyers, the purchase volume of stablecoins, usually pegged to currencies like the US dollar, has dropped from 70% to 60%. However, it is worth noting that according to data from the non-governmental organization Bitcoin Argentina, the number of reported cryptocurrency scams increased fivefold in February.

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The next Bitcoin halving is estimated to take place on April 20th, 2024, only 44 days away now. Bitcoin miners that successfully validate transactions are currently awarded 6.25 new Bitcoin for each mined block. The halving will reduce the block reward to 3.125 BTC.

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