BTC Investors Increase in Argentina
The reason for the high popularity of cryptocurrencies in Argentina is the financial crisis. Against this background, more and more people are investing their savings in BTC
Maximiliano Hinz, COO for Latin America at Binance, says the number of newcomers to the exchange has increased significantly in 2020. In Argentina, the number of users across all platforms has tripled on average. On some - 5 times.
Reasons for the growing popularity of crypto trading and investments
In many ways, the reason is not only the outbreak of the coronavirus, but also bad public policy. Therefore, many residents are actively looking for decentralized solutions like Bitcoin.
The main reasons for the growth of new users:
- growing inflation;
- rapid depreciation of money;
- problems with buying foreign currency.
The Argentine authorities have brought the country to crisis. The situation is worse only in Venezuela. Not surprisingly, residents of both countries consider cryptocurrency as the best way to store income.
Term investments in cryptocurrency are in mainstream demand. One of the most popular types of deposits is investment with a guaranteed yield of six percent per year for a period of 7-90 days.
In addition to Binance, the growth in the number of new users in Argentina is also confirmed by the leadership of Paxful. Based on LocalBitcoins, the number of users increased by 1000% and the number of transactions by 450%. As an example, take a look at how BTC is traded on the Paxful exchange (Argentina):
Argentine interest has increased since 2019. The 2020 pandemic has only exacerbated this process. For the Paxful exchange, this is an excellent indicator, because it had to abandon its work in neighboring Venezuela due to US sanctions.