Residents of Argentina are investing in bitcoins amid accelerating inflation. A similar influx of funds into BTC was recorded in 2022.
Previously, due to the depreciation of the Argentine peso, people bought US dollars, but exchange at banks lost its attractiveness due to the unfavorable exchange rate. It's up 10% in the last two months. During the same time, Bitcoin grew by 60%, which made it a much more attractive asset, according to exchange experts.
Over the past week, the site has recorded several tens of thousands of transactions related to the purchase of digital currency. This is twice as much as last spring. Other local platforms, Ripio and Belo, also saw high activity from users wanting to buy bitcoins.
Meanwhile, according to the non-governmental organization Bitcoin Argentina, demand for bitcoins has led to an increase in cases of fraud with the asset. In February, their number increased fivefold.
Earlier, Guillermo Escudero, an expert on strategic alliances at CryptoMarket, said that against the backdrop of financial uncertainty and triple-digit inflation of the Argentine peso, citizens of the country are flocking en masse to local underground offline cryptocurrency exchanges, popularly nicknamed crypto caves.
Source: Bits

I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.