Bitcoin$ 8,262.57
Ethereum$ 5,462.37
XRP$ 5,562.37
Litecoin$ 4,362.37
Bitcoin Cash$ 7,362.37
EOS$ 8,262.57
Binance Coin$ 5,462.37
Bitcoin SV$ 5,562.37
Stellar$ 4,362.37
TRON$ 7,362.37

Bitcoin buying is high in Argentina as its facing economic crises

Crypto News , Cryptocurrency News , Bitcoin News Today , Altcoin News

Argentina’s economy minister suggested that his government would default on its foreign debt for the ninth time, the Financial Times reported today. It comes amid predictions of rapidly falling GDP and wages, and rising unemployment combined with hyperinflation. Analysts say this will create the “worst crisis” in Argentina ever. As Argentinians mulled an increasingly narrowing set of options, Bitcoin transaction volume on LocalBitcoins exchanges soared last week, according to data from aggregator Coindance. 

 

Between January 2018 and April 2020, cryptoanalysis startup Arcane Research showed that the increase in weekly trading volume between the Argentine peso and Bitcoin registered a 1,028% rise. 


Meanwhile, popular Argentinian economist, writer, and broadcaster, Javier Milei posted a link to a video by crypto evangelist Andreas Antonopoulos. Milei instructed his 300,000 followers to “Remember that the peso is the currency issued by the Argentine politician if you are in Argentina, any percentage of wealth that you have put in Bitcoin fared better than Argentine money, every year for the last seven years… If your country has 45% inflation, then the volatility of Bitcoin will seem like a solid investment to you.”


restructure Argentina’s foreign debt are in disarray. The South American nation owes approximately $323 billion, even though much of the debt was incurred by the previous administration. 


Martín Guzmán, the economy minister, told to financial times that Argentina is effectively bankrupt. The country’s economic challenges include inflation of around 50% and poverty that affects a third of the population.

Argentina crisis news link

MAY 04, 2020