Since January 2018, the Bitcoin price in Argentina in terms of Argentine Pesos (ARS) has increased by 1.028 percent. Whilst a considerable portion of this Bitcoin increase in volume may be justified by the ARS depreciation, actual demand has also increased massively after the Bitcoin price soared by 407 percent, and the USD price also soared by 139 percent during the same timeframe.
This sharp increase in Bitcoin prices in Argentina is now even more severe in the past few weeks. That’s possibly attributable to the fact that the Argentine government is about to fail on USD 65 billion in foreign debt, which could damage the country’s credit rating and trigger the economy’s liquidity to plummet even more, as well as pushing the ARS towards hyperinflation state.
Ultimately, with both the Argentine economy and ARS on the verge of bankruptcy, Argentinians are hurrying into Bitcoin to secure their savings, because if they keep their cash in ARS it’ll just merely vanish.
Swooping through, nearly all countries around the globe are facing substantial economic issues right now, and Argentina’s phenomenon may be a precedent of what’s going to occur in several other nations, and while this is devastating, it might just proceed to exponentially grow Bitcoin adoption globally.
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