Argentines turn to Bitcoin amid inflation worries: Report
In response to surging inflation, Argentina has become an increasingly crypto-friendly country in terms of adoption. Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens' purchasing power.This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge....
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Argentine inflation numbers were revealed last week, with the interannual Consumer Price Index (CPI) registering record levels reaching 78.5%. This puts the country second only to Venezuela in Latam in terms of high inflation, with prices rising almost 8% during August, hitting the pockets of Argentines. According to a survey by Bitso, this has caused Argentines to explore cryptocurrencies as a way of keeping their purchasing power via stablecoins.
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A record $50,000 of bitcoins were traded in Argentina during the second week of April. Bitcoin's sixfold price increase this year is enticing to Argentines whose savings have been taking a hit from 25% annual inflation. Local agent Rodolfo Andragnes said that while local trading of bitcoin still equals less than 0.1% of the almost $1 billion of Argentina's foreign exchange transactions on a weekly basis, it has more than doubled since February. "Some Argentines are willing to take very risky investments and bet on this thing which feels almost like a Ponzi scheme because they feel their....