Bitcoin Interest in Argentina Surges as Inflation Hits 270%

In a week, nearly 35,000 Bitcoin purchases doubled last year's average, with Argentina leading crypto transactions in Latin America.

Written By:
Ronak Kumar

Last updated: March 21, 2024 11:23 AM

Published March 21, 2024 11:23 AM

Last updated: March 21, 2024 11:23 AM

Published March 21, 2024 11:23 AM

In Argentina, as inflation skyrockets to 270%, Bitcoin gains favor as a hedge against economic uncertainty, reports Bloomberg citing Lemon Cash, a local crypto exchange.

Lemon Cash data shows a sharp rise in Bitcoin transactions, nearing a 20-month high, possibly due to President Javier Milei’s economic policies. With Argentina facing 276% annual inflation, many turn to Bitcoin for financial security.

Nearly 35,000 Bitcoin purchases were made in a week, doubling the previous year’s average. This trend is seen in other exchanges too, with Argentina leading Latin America in crypto transaction volume.

However, the surge in crypto interest has led to a fivefold increase in scams, according to Bitcoin Argentina. Gabriela Battiato warns against impulsive investments in the volatile crypto market.

Bitcoin gains traction in Argentina amid soaring inflation, serving as a hedge against economic uncertainty, yet rising crypto interest also amplifies scam risks, cautioning against impulsive investments.