Due to the devaluation of the Argentine peso, the bitcoin is approaching very quickly a historical value of around two million pesos in Argentina
Due to the devaluation of the Argentine peso, in the Argentine Republic, bitcoin is rapidly approaching a historical value of around two million pesos in that country. At the time of this article, considering the data on the comparative site Coinmonitor.info, the number 2,000,000 was soon to be reached by the exchange houses that allow the purchase and sale of BTC.
For example, at the time of this publication -according to CoinMonitor-, as far as the bitcoin price for the purchase is concerned, the quotation in Argentina was in SeSocio at 1,963,833.66 pesos; in Ripio at 1,926,571.34 pesos; in SatoshiTango at 1,915,189.39 pesos; in Athena ATMs at 1,886,305.62 pesos; and in CryptoMKT at 1,865,912.86 pesos.
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On the other hand – also according to CoinMonitor – the average median price of Bitcoin was 1,796,763 Argentine pesos. This figure comes from the average of the median sale and median purchase of the Top in Argentine pesos that can be seen on CoinMonitor.
It should be noted that in Argentina, in addition to the world crisis caused by the Covid-19, its inhabitants have been living for decades, the constant depreciation of the Argentine peso and successive economic crises that have occurred over time. This, together with high inflation, many restrictions on buying foreign currency (which have become stricter in recent months) and considerable fiscal pressure, may be factors that are influencing citizens to seek an alternative to the fiat currency in the cryptomonies.
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The volume of Bitcoin (BTC) in Argentine pesos has increased a lot since the fall of the cryptomoney in 2018. Arcane Research published data on Twitter on April 23 showing that weekly Bitcoin volume purchased in Argentine pesos had risen by 1.028% since January 2018.
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Argentina’s financial crisis, in addition to the global economic impact of the coronavirus, is particularly complicated compared to other countries, which has led to interest in cryptomonies.