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$1.4M in Bitcoin Transactions: New High for Argentina as Confidence in the Peso Tanks


$1.4M in Bitcoin Transactions: New High for Argentina as Confidence in the Peso Tanks

Crisis laden Argentina saw bitcoin transactions worth $1.4 million (101 million pesos) being recorded in the past week, a new high for the country. According to a report by Vorem, this figure is nearly double the previous high of $0.96 million recorded in the last week of June. Citizens who have previously “watched their currency lose value are now turning to bitcoin” and those finding it difficult to “transfer fiat money to other countries” now make use of the cryptocurrency. The Argentine financial troubles, which started in 2018, worsened following the Covid-19 induced economy lockdown. The country’s peso currency is depreciating while the inflation rate is growing.


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