Argentinians Shift Strategy to Combat Skyrocketing Inflation: Bitcoin in the Spotlight 📈💸
Faced with inflation soaring to 276% in February, Argentinians are changing how they protect their assets. Instead of hoarding USD, they are now actively buying Bitcoin. 💰 Bitcoin has become the top investment choice in the country.
Bitcoin trading in Argentina reached its highest weekly value in 20 months on Lemon, the most popular crypto exchange for individuals. There were 35,000 Bitcoin transactions in the week ending March 10. Similar trends are seen on major exchanges like Ripio and Belo. 📈🔄
Bitcoin and Ether purchases this year have increased tenfold compared to the same period last year, according to Belo CEO Manuel Beaudroit. In contrast, purchases of stablecoins (cryptocurrencies tied to the USD) have dropped by 60-70%, as Bitcoin's sharp price rise attracts more buyers. 🚀
“Users choose Bitcoin when they see it rising in value, while stablecoins are more practical and often used for transactions like paying abroad,” Beaudroit explained. 🌐
Bitcoin's price has surged by 73%, peaking near $74,000 in mid-March. Meanwhile, the Argentine peso has increased by 10% against the USD over the past two months. 💹
With the highest inflation rate in Latin America, Argentinians are exploring all means to preserve their wealth. As Bitcoin's value climbs, they are moving some savings from dollars to alternative investments. 🔄💵
Sources: Reuters, Business Insider
