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Argentina’s president embraces the U.S. dollar, but Argentinians buy Bitcoin

Argentina’s president embraces the U.S. dollar, but Argentinians buy Bitcoin

CointimeCointime2024/03/20 05:46
By:Cointime

In Argentina where the inflation rate is as high as 276%, ordinary people are buying bitcoin to fight inflation instead of rushing to exchange pesos for dollars. Argentina is one of the countries with the highest usage of cryptocurrencies in the world, and the weekly bitcoin purchase volume of local cryptocurrency exchange Lemon is close to the highest level in 20 months. In the week ending March 10th, Lemon recorded nearly 35,000 customer transactions buying bitcoin, which is twice the average weekly level last year. As Argentine President Milella implements shock therapy policies aimed at revitalizing the economy, Argentines are trying to survive the economic recession and one of the highest inflation rates in the world. Manuel Beaudroit, CEO of digital wallet Belo, said that so far, the trading volume of bitcoin and ether has increased 10 times compared to the same period last year. As bitcoin's rebound attracts more buyers, the purchase volume of stablecoins usually 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 Argentine non-governmental organization "Bitcoin Argentina", the number of reports of cryptocurrency scams in February increased fivefold.

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