Argentina update - 30 Bitcoins traded last week

Argentina update - 30 Bitcoins traded last week

By Permabull | BTC Latino | 21 Nov 2020


Checking last week's statistics, 30 BTC were traded in Argentina on LocalBitcoins.

The figure is a bit down from one week ago - 35 Bitcoins.

 

Last week's volume is still good, although just a couple months ago the monthly volume was much higher. The spike in trading Bitcoins was possibly due to the really bad economic recession and financial crises.

There are quite a few exchanges in Argentina (Binance, Bitex, Huobi, SatoshiTango, etc) but only LocalBitcoins provides the data to see weekly volumes.

If you prefer a quick TL;DR: 10 Facts About Hunger In Argentina

Argentina was facing a third year of recession in 2020 even before the coronavirus hit. Now with the pandemic's economic shock, some analysts foresee a record contraction in the crisis-prone country.

Back to Bitcoin in Argentina. Local residents and investors treat Bitcoin as a safe haven and a way to hedge against the incapable government.

LocalBitcoins listings: https://localbitcoins.com/buy-bitcoins-online/ars/

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It looks like most Bitcoins were traded between 2014 & 2016. That's true but don't forget that Bitcoin was much cheaper before the ATH in 2017. Here's the same volume in ARS (Fiat in Argentina):

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Yep, Argentina is buying big time. It might be due to Argentinians using Bitcoin as a store of value (digital gold) or simply because they are hitting ATH (All Time High) every other week. Can you see the blip at the end of 2017?

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Chart can be found @ LiveBTCprice. Also LocalBitcoins and Coin.dance for weekly trading volumes.

I'm a massive believer in Bitcoin, especially in poor countries where the governments keep printing money and indirectly create a second tax on all of their residents. In ten years time, I'm sure we'll see so much use in third world countries across the globe, not just in Latin America. Will keep you posted, if you have any question, ask in the comments, please.

If you have a bit of time, here's quite old (2013) but still great documentary is about Bitcoin's impact in Argentina:

 

Thank you guys for reading, liking, following, and tipping. Extremely appreciated! 👍


Permabull
Permabull

Saw crypto as a way to make some cash, a get rich quick scheme. Learned about the tech and will stay in forever. Watching the GOV spending in 2020 made me realise how fiat is controlled way too much and becoming worthless be a minute. Bitcoin for the WIN!


BTC Latino
BTC Latino

Hope this blog will help to spread the awareness about the financial situation in the Latin countries as well as the use of cryptocurrencies in poor countries as an hedge against corrupt governments. Currently mostly about Argentina and Venezuela, more countries to follow.

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