Due to the devaluation of the Argentinean peso, the bitcoin is approaching very quickly a historical value of around two million pesos in Argentina

Due to the devaluation of the Argentine peso, in the Republic of Argentina, the bitcoin is approaching very quickly a historical value that is around two million pesos in that country. At the time of this article, considering the data of the comparative site Coinmonitor.info, the number 2,000,000 was soon to be reached in the exchange houses that allow buying and selling BTC.

For example, at the time of this publication -according to CoinMonitor-, as far as the bitcoin price for the purchase is concerned, the quotation in Argentina was in SeSocio at 1,963,833.66 pesos; in Ripio at 1,926,571.34 pesos; in SatoshiTango at 1,915,189.39 pesos; in Athena ATMs at 1,886,305.62 pesos; and in CryptoMKT at 1,865,912.86 pesos.

Due to the exchange restrictions in Argentina, the number of users in brokers and crypto exchanges increased

On the other hand – also according to CoinMonitor – the average median price of Bitcoin was 1,796,763 Argentine pesos. This figure comes from the average of the median sale and median purchase of the Top in Argentine pesos that can be seen on CoinMonitor.

It is worth mentioning that in Argentina, besides the world crisis caused by the Covid-19, its inhabitants have been living for decades the constant depreciation of the Argentinean peso and successive economic crises that have occurred over time. This, added to high inflation, many restrictions to buy foreign currency (which have hardened in recent months), and great fiscal pressure, may be factors that influence citizens to seek an alternative to the fiat currency in the crypto-currencies.

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Significant increase

The volume of Bitcoin (BTC) in Argentinean pesos has increased a lot since the fall of the cryptomoney in 2018. Arcane Research published data on Twitter last April 23rd showing that the weekly volume of Bitcoin purchased with Argentine pesos had increased 1.028% since January 2018.

According to Paxful, Argentines are increasingly choosing crypto-currencies as a store of value

The financial crisis in Argentina, in addition to the global economic impact of the coronavirus, is particularly complicated compared to other countries, which has aroused interest in cryptomonics.