Bitcoin Is Trumping Dollars for Many Inflation-Weary Argentines
- Argentines’ Bitcoin demand rises to highest level in 20 months
- Stronger peso in parallel markets discouragees dollar savings
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Argentines are buying Bitcoin to protect themselves from 276% inflation instead of rushing to exchange pesos for dollars, upending a timeless strategy that’s made the crisis-prone country one of the top places for greenbacks in the world.
Bitcoin purchases in Argentina — one of the nations with the highest level of cryptocurrency adoption globally — approached their highest weekly value in 20 months at local cryptocurrency exchange Lemon, the most popular among retail customers in the South American country.