Argentinians turn to crypto amid the ongoing economic crisis – a report by Saumil Kohli.

The Argentinian peso has lost nearly 90% of its value against the USD in the past five years as people turn to cryptocurrencies amid the crisis.

In a recent poll, Argentinian citizens have pointed out cryptocurrencies to be the most effective way of protecting their funds amid the ongoing economic hurdles and national fiat currency devaluation. 70% of the surveyed population said that they have invested in at least one digital asset. The global peer-to-peer crypto exchange Paxful surveyed in Argentina. The peer-to-peer platform noted, “Argentina’s sentiment on cryptocurrency remains strong with citizens turning to digital assets as a way to hedge against inflation.”

 

“Cryptocurrencies are the most effective way to protect funds in the economic crisis.” 

The survey revealed that 73.4% of participants considered that cryptocurrencies are the most effective way to save and protect their funds in the current economic crisis. The survey was conducted by Cripto 247 on behalf of the peer-to-peer platform Paxful in June. A total of 1,113 Argentine citizens between the ages of 18 and over 55 participated, 85.6% of them were male. 69.5% of the respondents said they had invested at least once in cryptocurrency, with the main reason being its ability “to provide a safe haven from the depreciation of the local currency,” reported Saumil Kohli.  

 

Increase in the operations carried out by Argentines on Paxful.

Argentines who invested in bitcoin, 53.9% said the cryptocurrency’s global potential was the reason, 50.6% said decentralization was the main factor, and 49.1% said they invested because of bitcoin’s overall ability to provide security within an otherwise tumultuous banking system. While the bitcoin trading volume in the South American country on Paxful is still small, Magdiela Rivas, Paxful’s Latin America Manager, said that they observed a significant increase in the operations carried out by local users on their platform. Since the pandemic started, registering an increase of 37.5% in the volume compared to the previous periods, he added. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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