Bitcoin and other cryptocurrencies are beginning to enjoy increasing patronage from Argentinians as residents seek ways to offset inflation.
Confirming the development to global news agency AFP News, Hinz said:
Although Argentinians typically turn to the U.S. dollars to offset inflation, this option is proving to be unviable lately. For this reason, residents are jumping on the “Bitcoin as a store of value” narrative.
Hinz disclosed that there are now roughly two million trading accounts in the country. Marcos Zocaro, digital assets specialist also said that: “It is no coincidence that Argentina and Venezuela, countries with high inflation, are the main crypto poles in South America… I have older clients who used to be afraid of making a fixed deposit with a bank but are buying cryptocurrency without fear of risk.”
Investors are generally turning to cryptocurrencies in the face of economic woes. Recall that Google (NASDAQ:GOOGL) searches for Bitcoin recently spiked by over 550% in Turkey in response to shaky government decisions.
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Source: Cryptocurrency - investing.com
