Cryptocurrencies in Argentina: the New York Times took the country as a case study

Bitcoin, Ethereum and all crypto options they find in Argentina a very fertile market for its development due to the depreciation of the peso Y the alternatives that Argentines seek to be able to save even after months of collapse in its price and instability in some of the most important funds.

The newspaper The New York Times made a note that shows this duality between the international fall in the values ​​of cryptocurrencies but at the same time how they are sustained in our country and develop more and more options to invest in addition to new digital wallets that offer them.

“About a third of Argentines believe that savings stored in pesos in a local bank will maintain their value for two yearswhile almost 60 percent of those surveyed believe that the bitcoin will maintain the value of your savings during that same period“, describes the NYT note.

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In the text, they interviewed different crypto investors, who invest in virtual currencies or who mine in the country, as well as economists who try to explain the phenomenon and representatives of investment applications.

Crypto in Argentina: virtual dollar and options to avoid the peso

Around a third of Argentines said they buy or sell cryptocurrencies at least once a monthdouble that in the United States, according to an independent survey by Morning Consult”, details the note published in the New York Times on the penetration of these options in the country.

Despite the fact that the price fell from $65,000 to $20,000, much more than the 90% inflation expected in the market as reported by the Central Bank, many Argentines continue to purchase crypto options: “But many Argentines believe that, unlike the peso, cryptocurrencies will recover.”secure publication.

Argentines continue their investments in cryptocurrencies

It is also marked in the text the debacle that marked the fall of the Terra protocolone of the causes of the decline in the value of the best-known cryptocurrencies. Pablo Sabatella, who runs an organization that offers this investment, diagnosed that “Most don’t know what they’re doing.”

This week they had a significant drop again Bitcoin Y Ethereal that slowed down an incipient recovery and fell to 25%.

Despite this scenario, the NYT analyzed that “digital currencies are appreciated in countries where local money is volatile and where governments have made it difficult for citizens to purchase foreign currency.”

Dollar and crypto VS the peso

One of the interviewees was Julin Fraiese, founder of Buenbit, who narrated the increase in the app due to government decisions: they added 200,000 users in the seven months after controls on dollars tightened in 2019.

The stable coins They are also one of the most sought-after options and also most offered by applications to be able to acquire crypto dollars given the impossibility of buying US currency and devaluation expectations.

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But again, not everything is rosy and the note comments that Buenbit “recently laid off almost half of his employeesand days after two Argentine banks began giving their customers the option to buy and sell cryptocurrencies, the Central Bank of the country prohibited such services“, after the massive drop in prices.

Finally, NYT presents the opinion of a worker: “I prefer to take the risk of crypto before the risk of the Argentine State“.

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