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Amid rising inflation rates, Argentina experienced an increase in interest in cryptocurrencies. In June 2024, Argentine users constituted the majority of participants on crypto exchanges.
As reported by Forbes, Argentina ranks first in the Western Hemisphere regarding cryptocurrency adoption. Approximately 2.5 million users of the 55 largest crypto exchanges are from Argentina, representing around 2% of the global crypto user base. As of June 2024, the total number of crypto users reached 130 million, according to Forbes.
Forbes analysts discovered that Argentina is the largest market for the crypto exchange Binance in terms of traffic. Data from SimilarWeb indicates that Argentine users account for 6.9% of the total visits to the exchange.
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The driving force behind the increasing interest in digital assets among Argentines is the rapid inflation rate. Forbes analysts reported that Argentina’s annual inflation rate stands at 276%, prompting citizens to utilize cryptocurrencies for savings actively.
The most favored digital assets in Argentina are stablecoins such as Tether (USDT). Maximiliano Hinz, Growth Director at Bitget in Latin America, noted that the majority of Argentines purchase USDT and refrain from using it for other transactions, which is considered atypical behavior for crypto investors in other regions. Hinz suggests that this approach allows Argentine users to safeguard their funds amid high inflation.
A report from the crypto exchange Bitso indicates that around 60% of crypto users in Argentina favor stablecoins, while 16% prefer ETH, 13% opt for BTC, 8% choose XRP, and the remaining local users lean towards meme coins.
Since 2022, Argentines have been actively utilizing cryptocurrencies as a means to combat inflation. Approximately 64% of crypto users in Argentina favor centralized platforms (CEX). Notably, none of the leading crypto exchanges in Argentina, including Binance, possess a license from the local financial authority, Comisión Nacional de Valores (CNV).
Сообщение Demand for Crypto Rises Amid Growing Inflation in Argentina появились сначала на CoinsPaid Media.
