Bitcoin Buying Activity Hits Peak in Argentina, a country with high inflation.
Despite Bitcoin’s recent downward trend, the interest in BTC is not diminishing. Because Bitcoin buying has reached a peak in Argentina, a country with high inflation.
According to Bloomberg, Bitcoin purchases in Argentina increased by 100% last week as inflation reached 276%.
Citizens of this country buy Bitcoin instead of exchanging it for dollars to maintain the value of the peso, the domestic currency which is experiencing high inflation.
Bitcoin buying transactions in Argentina have reached the highest weekly value in 20 months on the popular domestic cryptocurrency exchange Lemon.
Manuel Beaudroit, CEO of digital wallet Belo, stated in a Bloomberg interview.