Checking last week’s statistics, 27 BTC were traded in Argentina on LocalBitcoins.
The figure is a bit down from one week ago – 30 Bitcoins.
- 27 BTC is about 70,000,000 Argentine Pesos.
- One Bitcoin (BTC) is currently about 3,000,000 Pesos – at LocalBitcoins.
- One satoshi is currently more than one Centavo – the smallest Argentine monetary unit.
- Monthly minimum wage is 16,875 ARS – less than 250 USD.
- Inflation rate in Argentina from 2004 to 2019* – https://www.statista.com/statistics/316750/inflation-rate-in-argentina/
There are quite a few exchanges in Argentina (Binance, Bitex, Huobi, SatoshiTango, etc) but only LocalBitcoins provides the data to see weekly volumes.
Last week’s volume is still good, although just a couple of months ago the monthly volume was much higher. The spike in trading Bitcoins was possibly due to the awful economic recession and financial crises.
If you prefer a quick TL;DR: 10 Facts About Hunger In Argentina
Argentina was facing a third year of recession in 2020 even before the coronavirus hit. Now with the pandemic’s economic shock, some analysts foresee a record contraction in the crisis-prone country.
Back to Bitcoin in Argentina. Local residents and investors treat Bitcoin as a safe haven and a way to hedge against the incapable government.
LocalBitcoins listings: https://localbitcoins.com/buy-bitcoins-online/ars/
It looks like most Bitcoins were traded between 2014 & 2016. That’s true but don’t forget that Bitcoin was much cheaper before the ATH in 2017. Here’s the same volume in ARS (Fiat in Argentina):
Yep, Argentina is buying big time. It might be due to Argentinians using Bitcoin as a store of value (digital gold) or simply because they are hitting ATH (All-Time High) every other week. Can you see the blip at the end of 2017?
I’m a massive believer in Bitcoin, especially in poor countries where the governments keep printing money and indirectly create a second tax on all of their residents. In ten years time, I’m sure we’ll see so much use in third world countries across the globe, not just in Latin America. Will keep you posted, if you have any question, ask in the comments, please.
If you have a bit of time, here’s quite old (2013) but still a great documentary is about Bitcoin’s impact in Argentina:
Post also published @ Publish0x, a place where you’ll get paid in crypto for writing & reading.