Bitcoin Dreams Endure to Savers Crushed by CPI: Argentina Credit

Banned from buying dollars and confronted by the fastest inflation in the Western Hemisphere, some Argentine savers are seeking refuge in bitcoin as a store of value even after the virtual currency’s collapse.

TradeHill Inc., the San Francisco-based bitcoin exchange, plans to open its first Latin American office in Argentina after demand surged the most in the region, founder Jered Kenna said in an interview on April 12. Rodolfo Andragnes, an agent for bitcoin buyers and sellers who organizes bi-monthly meetings for enthusiasts in Buenos Aires, says while local trading of the unregulated currency still equals less than 0.1 percent of the almost $1 billion of the nation’s foreign-exchange transactions on a weekly basis, it has more than doubled since February.