In Argentina, citizens are increasingly turning to Bitcoin as a hedge against the country's soaring inflation rate, which has reached 276%. This shift marks a significant departure from the traditional preference for the US dollar as a means of safeguarding wealth. The trend is not isolated to Argentina; similar patterns are observed in other countries facing high inflation rates. Bitcoin buying volumes on Argentina's local cryptocurrency exchange, Lemon, are nearing their highest weekly level in 20 months. This surge in Bitcoin interest coincides with a notable decline in the Argentine peso's value, prompting Argentines to seek alternative ways to preserve the value of their savings. The phenomenon is underscored by a broader global context where Bitcoin is increasingly viewed as a viable option in inflation-ravaged countries. Bitcoin volume is up 10x in 2024 versus the same period last year, with stablecoin volume down to 60% as the Bitcoin rally lures in more buyers. Nearly 35,000 BTC buyers were reported in one week via Lemon Cash.
🇦🇷 ⚡ Argentina's demand for #Bitcoin hits a 20-month high as the peso falls, with @Bloomberg reporting a surge to nearly 35,000 BTC buyers in one week via Lemon Cash. https://t.co/UO1T5dnp3z
The primary factor driving the interest is the continuous decline of the national currency, the Argentine peso, prompting citizens to resort to Bitcoin to preserve the value of their savings. https://t.co/CPXMmeiUt3
#Argentina Dollar Love Is Being Substituted by a #Bitcoin Rush https://t.co/7cC7iWXv3t
Argentinians 🇦🇷 are betting on #Bitcoin to shield them against inflation. With President Javier Milei at the helm, the country is navigating through turbulent waters. Discover how #Argentina is embracing Bitcoin amidst financial chaos. Full story here: https://t.co/3pi1hHKg0G https://t.co/8qSJdph44A
Argentina, the forefront of crypto innovation https://t.co/H0qZJhTlfN
#Argentina Greenback Love Is Being Substituted by a #Bitcoin Rush https://t.co/7cC7iWXv3t
NEW Data: Argentina The Next Bitcoin Country? https://t.co/8HigV1rVpE
🇦🇷 Bitcoin demand in Argentina rose to a 20-month high. https://t.co/36lOK0X4Xv
Also to survive with monthly inflation CAGR of 5% a month is huge so Argentines have kept over $250 billion in cash in their mattress to pay their bills Thus alternative assets like Bitcoin becomes very much a need to survive https://t.co/EJIMgWYj6T
Bitcoin is soaring again. That means there’s a decent chance you’ll be hearing more stories like this soon: The rise and fall of Argentina’s celebrity crypto pastor https://t.co/JaDzHVvSXG
NEW: 🇦🇷 Argentina's high inflation (276%) is driving citizens to Bitcoin as a hedge, with exchanges reporting the highest weekly #Bitcoin purchase volume in 20 months 🙌 https://t.co/pVCozZYqsi
Where can you pay with Bitcoin in Argentina? Map with stores: https://t.co/KoUk2oOjZJ
As Argentina's inflation climbs, Bitcoin gains popularity over fiat currencies, driving increased crypto purchases and scam activity https://t.co/HqZcIoB8W9
Bitcoin in Argentina - Bitcoin purchases in Argentina have reached their highest level in 20 months (Lemon) - Bitcoin volume is up 10x in 2024 vs this time last year (Belo) - Stablecoin volume down to 60% from 70% as Bitcoin rally lures in more buyers So while we can't deny…
UPDATE: ARGENTINES ARE NOW DUMPING DOLLAR SAVINGS AND INVESTING IN #BITCOIN AMID 276% INFLATION IN THE COUNTRY - BLOOMBERG
Bitcoin buying volumes on Argentina’s local cryptocurrency exchange Lemon are nearing their highest weekly level in 20 months. Argentines are buying Bitcoin to protect themselves from 276% inflation, not in a rush to convert pesos into dollars. Amid the Bitcoin rally, Argentines…
“Argentines are buying Bitcoin to protect themselves from 276% inflation instead of rushing to exchange pesos for dollars.” You see this in inflation-ravaged countries across the world—places like Venezuela, Turkey, Egypt, and more. BTC is a lifeboat. https://t.co/ATEvehrTbS
Inflation-Weary Argentines Are Turning to Bitcoin Over Dollars https://t.co/12h2QMWBjy
Argentines are buying bitcoin instead of US dollars to fight runaway inflation https://t.co/ceVrNeSiZN
Argentines’ Bitcoin demand rises to highest level in 20 months Argentines are buying Bitcoin to protect themselves from 276% inflation instead of rushing to exchange pesos for dollars, upending a timeless strategy that’s made the crisis-prone country one of the top places for…
People around the globe in inflationary countries are loading up on #Bitcoin. $try $lira #oott #Brazil #SoutAfrica https://t.co/sVP2Muojld
Argentines are reportedly buying Bitcoin to protect themselves from 276% inflation instead of rushing to exchange pesos for dollars, per Bloomberg.
Argentines are buying Bitcoin to protect themselves from 276% inflation instead of rushing to exchange pesos for dollars. https://t.co/uOK5AGqrfH