- Argentina citizens are adopting Bitcoin amid the country’s economic recession.
- Crypto trading accounts have increased up to ten times since last year.
- There are currently over 2 million active crypto trading accounts in Argentina.
Argentina residents are turning to Bitcoin (BTC) in droves as they face price inflation amid an economic recession. Of note, this has increased crypto trading accounts by over ten times in the country since last year.
Talking about this, Binance director Maximiliano Hinz said,
The number of user accounts for investing in cryptocurrencies has multiplied by ten in Argentina since 2020.
Not Bitcoin alone, the Argentinians are also investing in many other cryptocurrencies including Tether, Ethereum, and Dai. Also, Argentina currently has more than two million active crypto trading accounts amid the growing popularity of BTC in the country.
Based on a report, Argentina is facing a severe economic recession since 2018. More so, it also recorded high inflation of about 45% in the last three years. Alongside this, the country’s GDP also decreased drastically to 9.9 last year.
What is more, the 45% inflation is causing Argentina’s native currency peso to deflate in value daily. To reduce inflation, the Argentinians decided to invest in the USD but things did not work out. Notably, this has made Argentina residents flock to Bitcoin. Presently, Bitcoin price is $56,970.37 with a 24-hour trading volume of $87,307,759,407, according to CoinGecko.