Argentinians Are Embracing Bitcoin in Response to the High Inflation Rate

To combat the country's 276% inflation rate, an increasing number of Argentinians, according to PANews, are purchasing Bitcoin instead of exchanging pesos for U.S. dollars. Among the nations with the highest rates of cryptocurrency adoption is Argentina, and the weekly Bitcoin purchase volume on the local cryptocurrency exchange Lemon has approached a 20-month high. Lemon recorded nearly 35,000 customer Bitcoin purchases in the week ending March 10, which is double the average weekly volume from the same period last year.

Amidst shock therapy policies implemented by Argentine President Miley, which are intended to stimulate the economy, the Argentine people are devising strategies to endure the recession and one of the highest inflation rates in the world. In comparison to the same period last year, the transaction volume of Bitcoin and Ethereum has multiplied by ten, according to Manuel Beaudroit, CEO of digital wallet Belo. The surge in consumer interest surrounding Bitcoin has resulted in a 60% decline in the purchase volume of stablecoins, which are typically pegged to currencies such as the U.S. dollar. It is important to note, however, that the number of reported cryptocurrency frauds increased fivefold in February, according to data from the non-governmental platform Bitcoin Argentina.