Popular crypto exchange Lemon in Argentina has recently seen a surge in weekly purchases of Bitcoin, reaching a 20-month record high of 35,000 transactions. This is twice the average seen in 2023.
According to Bloomberg, similar trends have been observed on other platforms like Ripio and Belo. The increase in activity is believed to be a result of Argentinians’ efforts to protect their savings from the country’s high inflation rate, which has reached a staggering 276% annually.
This has led to a shift in interest from the US dollar, previously the go-to currency for protection, to digital gold.
Economist Nicolas Gadano estimates that citizens of Argentina currently have around $200 billion stowed away, making it the second-highest in the world after the United States and Russia.
The economic policies implemented by President Javier Miley have caused a spike in consumer prices and a recession in the economy, prompting citizens to seek alternative means of securing their finances.
