Cryptocurrency information about Argentina

How many crypto owners in Argentina?

It is estimated that over 1.3 million people, 2.94% of Argentina’s total population, currently own cryptocurrency.(1)

What is the nature of Crypto like in Argentina?

There has been an exponential rise in the usage of Cryptocurrency in Argentina. The temperature has steadily been rising in the Argentinian crypto space for several months of 2019, creating a clear timeline for the increased acceptance of bitcoin and other alternative assets. The nation’s economy and fiat currency have been especially wobbly since August 2019 as the stock market hemorrhaged during an upset presidential election. In addition to damaging the return value on investments, this also caused the peso’s value to plummet. Very soon after this initial trigger, the relative valuation and trading volume of bitcoin spiked to levels comparable to conflict-stricken regions like Hong Kong.(2)

Crypto’s rising popularity in Argentina

  • Yahoo: Economic downturn fueling Argentine crypto crazeMay 2021
    Argentina’s economic downturn, with high inflation, a deflating currency and a shortage of US dollars to invest in, has in fact proved a shot in the arm for one sector: cryptocurrency. As they seek safe havens for their dwindling nest eggs, Argentines — used to buffering against economic crises — have been putting their money into Bitcoin, Tether, Etherium or Dai. “The number of user accounts for investing in ‘cryptos’ has multiplied by ten in Argentina since 2020,” said Maximiliano Hinz, Latin American director of cryptocurrency exchange Binance, the world’s largest by trade volume.

  • Cointelegraph: Bitfarms estimates Argentinian facility will reduce BTC mining costs by 45% -April 2021
    Canadian Bitcoin mining firm Bitfarms has updated its plans for expansion in South America, revealing it has secured an eight-year contract to draw up to 210 megawatts, or MW, of electricity for $0.022 per kilowatt-hour, or kWh. According to an April 19 announcement, Bitfarms has made significant progress in solidifying the terms for its Argentinian operation since first signing a non-binding memorandum to build a 60 MW power plant in October 2020.

  • Cointelegraph: A year into the pandemic: How Argentina’s economy struggled…March 2021
    The year 2020 will go down in history as the beginning of the COVID-19 pandemic and the way it affected the Argentine economy. But it is also true that Argentina has been dragging along economic problems for decades, with high fiscal pressure, devaluation of the national currency (the Argentine peso), restrictions on the purchase of foreign currency, etc. Beyond that, events have occurred that have to do with attempts to regulate the crypto ecosystem, in addition to those linked to private companies and the adoption of cryptocurrencies. The following is a summary of the events that marked the last year and the opinions of various people who lived it from inside the ecosystem.

  • Cointelegraph: Tokenized agriculture to provide economic relief to Argentine farmersJanuary 2021
    Argentina’s brittle economy — stricken by endemic problems that have only worsened amid the COVID-19 pandemic — has sparked rising unrest in the country’s agricultural sector. Earlier this month, representatives of the bulk of national producers rejected President Alberto Fernandez’s government’s decision to suspend all exports of corn as part of its efforts to stem inflation and exert downward pressure on domestic corn prices.

  • Coindesk: Crypto Is Booming in Economically Challenged ArgentinaDecember 2020
    At the start of 2020, Ripio, one of Argentina’s largest crypto exchanges, had around 400,000 users. It’s finishing the year with 1 million. Ripio’s chief brand officer, Juan Mendez, told CoinDesk that around 70% of Ripio users are from Argentina, with the remainder mostly concentrated in Brazil. According to Mendez, the platform also saw a tenfold increase in trading volume this year compared to last.

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