The Argentinian peso is continuously devaluating and the economy is continuing to suffer. Recently, the Argentinians participated in a poll and over 73% voted for cryptocurrency as the most efficient saving. Most of the participants invested at least in one digital asset. The data show Argentinians hold cryptocurrency to protect their savings.
Local Economy forces people to invest in crypto
Paxful is a peer-to-peer cryptocurrency exchange in Argentina. Recently, they conducted a poll and asked people about cryptocurrency. The result of the poll shows that although there is positive news around Argentina economy, people are already looking outside the traditional financial market for a solution.
From 1,113 people participated in the survey, 817 people voted that cryptocurrencies are the most effective way in order to protect and save their asset. This amount is 73.4% of participants. The survey also indicates that Argentinians don’t see a good future for their currency. The reason is that Argentinian pesos lost around 90% of its value against the United States dollar in the past five years.
Argentinians hold cryptocurrency to protect their savings; people invest in Bitcoin to save their assets from inflation
In addition, 70% of participants mentioned that they invested at least in one digital assets. The reason for that was to protect their saving from inflation.
49% of surveyed commented on Bitcoin as an asset, which can enhance security compare to the currency banking system.
Magdiela Rivas, Paxful’s Manager, stated that statistics show that the demand for cryptocurrencies in Argentina is continuously growing. The exchange experienced 37.5% increase in the volume since the start of 2020. It even further increased after COVID-19 pandemic.
LocalBitcoins, the most famous peer-to-peer exchange, also experienced a significant increase in Bitcoin trading volume from Argentina. In addition, the data from coin.dance show that Bitcoin p2p volume reached its new all-time high in early August after continuously expanding for weeks.