In the midst of a coronavirus-induced financial crisis, impaired by the lockdown, Argentina sets a new Bitcoin trading record as the South American country now trades more Bitcoin than it ever has in its history.
Although, at the start of the year 2020, the country was already facing the third year of an economic crisis which only got worse when the pandemic struck.
The crisis-prone country has been in a cumbersome state of chronic financial turmoil since the year 2018. According to government data, in the first three months of this year, the country's economy shrank 4.8% while unemployment rose drastically to over 10% that same time.
The economy's road ahead is completely uncertain. Some analysts and forecasts warn against more decline and the economy shrinking 10%. While some are stuck in the current state of the country, others are starting to secure their wealth and investments in crypto.
This past week, Bitcoin trading in Argentina snowballed to a record-setting volume of one hundred and one million Argentine pesos which is approximately $1.4 million US dollars. Before this latest surge, the country's last all-time high for Bitcoins weekly volume in Argentine pesos was about 69 million. The spike in trading the world's largest crypto hits the country at its worst economic recession and financial crises.
Since the end of June, Bitcoin trading in the country has doubled. From trading Bitcoin worth 69 million Argentine pesos for the end of the week on Saturday, June 27, to over a whopping 100 million Argentine pesos the following week.
It appears crypto traders and investors, with the current situation of the country, might be seeking a safe haven in crypto assets either as an alternative currency or store of value. Citizens who have seen their currency lose its value now turn to Bitcoin and those who find it difficult to transfer fiat money to other countries now make use of the largest cryptocurrency, as the financial crises worsen without a glimpse of hope.
