Argentina's Greenback Love Is Being Substituted by a Bitcoin Rush Bitcoin is stealing the spotlight in Argentina, emerging as a lifeline against the country's inflation woes. Lemon, a major local exchange, reports a staggering surge in
bitcoin purchases, hitting a 20-month peak with nearly 35,000 transactions in the week ending March 20.
This
bitcoin rush is no fluke; the previous week saw over 27,000 purchase transactions. Analysts find this shift surprising since Argentines have long leaned on the
U.S. dollar for stability amidst economic turmoil.
While neighboring Latin American nations embrace cryptocurrencies for investment, Argentina has been cautious. A recent study by Lemon reveals that
stablecoins dominated 80% of crypto purchases last year, with Tether's USDT leading the pack.
Not just Lemon, but Belo, another local wallet, also witnesses an astonishing tenfold increase in
ether and bitcoin purchases compared to last year. Belo CEO Manuel Beaudroit notes that stablecoins are losing some shine amid the bitcoin bull rally.
Beaudroit explains:
"The user opts for Bitcoin when they spot an upward trend, while stablecoin serves transactional purposes and cross-border payments."
This growing interest in bitcoin and stablecoins may stem from the Argentine peso's relatively stronger performance against the greenback. President Javier Milei's economic policies prioritize fiscal discipline and bolstering central bank reserves instead of reckless money printing.
