🚀 A safe haven under inflation, Argentines embrace cryptocurrency!
🇦🇷🔥 Argentina is currently experiencing alarming inflation, with an annual inflation rate of 276%, which means that prices rise by an average of 23% every month, which is a very serious situation. Against this backdrop, cryptocurrency has become a new favorite for Argentines seeking to preserve their assets.
Among the world's 55 largest exchanges, Argentine users account for about 2%. In a large exchange like Binance alone, Argentine users account for 6.9%, showing their high interest in cryptocurrency.
Why do Argentines favor cryptocurrency so much? Mainly because of the severe domestic inflation. Faced with currency depreciation, many Argentine investors choose to buy stablecoins USDT to preserve value, because the value of USDT is pegged to the US dollar at a 1:1 ratio, which can also provide a certain degree of stable protection for their funds.
Instead of just holding stablecoins like USDT, the public may actually prefer Bitcoin. Why? Because Bitcoin, this thing, will slowly increase in value over time, and the longer the time, the higher the value. 📈
Although the US dollar will slowly depreciate over time, if it is compared with other legal currencies, the US dollar can be regarded as a hard currency. With the world paying for it, it is still quite strong in comparison! 💵
It is worth noting that the newly elected president of Argentina is open to Bitcoin, which may pave the way for the legalization and popularization of Bitcoin in Argentina.
In such a high inflation environment, Bitcoin may become the next effective choice for the Argentine people to protect and increase their wealth.
At the same time, maybe Bitcoin will become the next legal currency in Argentina! 😲
