Argentina breaks record with Bitcoin seeking to save with cryptocurrencies

Argentina breaks record with Bitcoin seeking to save with cryptocurrencies

Argentina has a long way being a leader in the adoption of cryptocurrencies and interest is increasing. Due to the various inflationary problems , this country has positioned itself as one of the largest adopters of cryptocurrencies. Thus, according to the CoinDance site, it is estimated that it has already surpassed the record of 8,108,924 Argentine pesos (ARS) exchanged on the P2P Paxful exchange.

The equivalent of these ARS would be for about $ 56,000. This is an increase of 6.58% compared to the last, which occurred in May of this year. It does not compare to the last Argentine record in LocalBitcoins, equivalent to about $ 917,000; but it is considered so far the most significant in Paxful and, without a doubt, a clear indication of how much crypto-adoption has increased in the country .

The reason for this may lie in the legal tender: the Argentine peso is currently a currency with a serious inflationary risk . Citizens use this currency with reluctance, and it is not useful to safeguard savings or keep business and personal capital afloat, due to its unstable fluctuations.

The same Paxful carried out in August a survey of the Argentine population, which revealed that more than 73% of those surveyed consider that the most viable way to save is investing in cryptocurrencies.

According to Magdiela Rivas, Manager of Paxful Latin America:

“During this year we have observed a marked increase in the operations carried out by Argentine users on our platform, especially since the pandemic started, registering an increase of 37.5% in the volume of bitcoins exchange in the country compared to the previous period. ”

On the other hand, 30.5% of those surveyed announced that they had not invested before in digital currencies, and many expressed that it is due to lack of capital or lack of knowledge. Despite this, the good reputation and usefulness of cryptocurrencies does not end in this nation.

Inflation in Argentina is a boost for cryptocurrencies

The situation of Argentina as a country in financial terms and economics is quite complicated, taking into account inflation and the problems caused by the pandemic. The exodus of several companies abroad for this very reason has put citizens on a tightrope wobbling.

However, not all is lost: Bank of America stated in a recent report that investing In a situation not as favorable as that of said country, it can result in a good long-term profit.

In addition, even the difficult situation that exists can be taken as a great push for progress , because it has made most of its citizens know about new technologies and begin to adapt them in their day to day. Many young people have already been interested in the operation of cryptocurrencies, and therefore various schooling programs with the purpose of helping new generations to educate themselves.

Such is the case of the School Project of the NGO Bitcoin Argentina, which seeks to encourage an interest in blockchain and cryptocurrencies in young people of the last years of high school . All this in order that the nation can move forward in the coming years based on new alternatives.

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