Due to the devaluation of the Argentine peso, in the Argentine Republic, bitcoin is approaching with great speed a historical value of around 1.5 million pesos in that country. At the time of making this article, considering the data from the comparative site Coinmonitor.info, the million and a half pesos is a number that was soon to be reached in the exchange houses that allow buying and selling BTC.

For example, at the time of this publication -according to CoinMonitor-, Regarding the bitcoin price for purchase, the price in Argentina was at Athena ATMs at 1,454,899.25 pesos; in Ripio to 1,444,714.86 pesos; in SeSocio to 1,443,986.46 pesos; in ArgenBTC at 1,443,986.46 pesos; and in SatoshiTango at 1,424,695.78 pesos.

On the other hand – also according to CoinMonitor-, The average median price of Bitcoin was 1,350,787.80 Argentine pesos. This figure arises from the average of the median sale and the median purchase of the Top in Argentine pesos that can be viewed in Coinmonitor.

Notably in Argentina, in addition to the world crisis caused by the Covid-19, its inhabitants have lived for decades, the constant depreciation of the Argentine peso and successive economic crises that have arisen over time. That, added to high inflation, many restrictions to buy foreign currency (which have tightened in recent months), and great fiscal pressure, can be factors that influence citizens to seek an alternative to fiat currency in cryptocurrencies.

Exponential increase

Bitcoin (BTC) volume in Argentine pesos has increased exponentially since the cryptocurrency fell in 2018. Arcane Research published data on Twitter on April 23, showing that the weekly volume of Bitcoin purchased with Argentine pesos had risen 1.028% since January 2018.

Argentina’s financial crisis, in addition to the global economic impact of the coronavirus, is particularly complicated compared to that of other countries, which has sparked interest in cryptocurrency as a reliable asset not correlated with inherited markets.

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