According to PANews, Argentines are increasingly buying Bitcoin to combat the country's high 276% inflation rate, instead of exchanging pesos for US dollars. Argentina is one of the countries with the highest cryptocurrency adoption rates, and local crypto exchange Lemon saw its weekly Bitcoin purchase volume reach a 20-month high. In the week ending March 10, Lemon recorded nearly 35,000 customer Bitcoin purchases, double the weekly average last year.
As Argentinian President Miley implements shock therapy policies to revive the economy, Argentines are looking for ways to cope with an economic recession and one of the countries with the highest inflation rates in the world. . Manuel Beaudroit, CEO of digital wallet Belo, said the trading volume of Bitcoin and Ethereum has increased tenfold year-on-year. As Bitcoin's rally attracts more buyers, the volume of purchases of stablecoins, often pegged to currencies such as the US dollar, has dropped from 70% to 60%. However, it is worth noting that according to data from the NGO Bitcoin Argentina, the number of reported cryptocurrency scams increased fivefold in February.
