Argentina is one of the leading countries by BTC trades

by in Cryptocurrency News

Argentina

The scale of operations with bitcoin in Argentina continues to grow.

That country has already managed to gain a foothold in the ranking of leaders in terms of transaction volumes on the LocalBitcoins platform.

Last week, the number of transactions with BTC in Argentina exceeded 101 million pesos, which is approximately $ 1.4 million. The previous record was 69 million pesos.

According to observers, a surge in investment in BTC is observed against the backdrop of the most acute economic crisis that hit this Latin American state.

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During the week, the volume of transactions amounted to 92 bitcoins, which is a little compared with the data of four years ago. In April 2016, Argentines moved 228 bitcoins through LocalBitcoins however, we must remember that at that moment the price of the cryptocurrency was much lower than today.

The scale of bitcoin transactions has doubled since mid-June 2020. As the situation in the economy worsens further, investment in BTC will grow, experts predict.

Bitcoin is increasingly seen by Argentines as a form of preserving capital in the face of gigantic inflation and the depreciation of the national currency.