Argentina has been experiencing serious financial problems for many years. The country's currency, the peso, is suffering huge losses and residents of the Latin American state are forced to look for tools to protect themselves from the risk of inflation.
Precious metals and digital currencies are growing in popularity. In August, due to increased demand, the Bitcoin rate on the Argentine crypto exchange increased by more than 20% to 10,268,244 pesos.
The largest digital currency has appreciated more than 200% against the peso since the start of the year.
This week $BTC reached a new all-time high in the Argentine market. The BTC rate rose the day before to 19.6 million ARS. Thus, the record was broken in November 2021. The cryptocurrency reached 14.2 ARS.
The profit of Argentine clients who invested in cryptocurrency reached 38%. On the Bitso platform, the price of Bitcoin has increased by 150% in two years. On September 21, the amount of BTC on this exchange increased from 7.84 million Argentine pesos to 16.6 million Argentine pesos.
At the same time, official inflation in Argentina exceeded 300%.
Investors in the region have begun to turn not only to the US dollar and gold, but also to cryptocurrencies and other assets, the prices of which do not depend on the economic policy of the local government.
