With Argentina’s currency declining in value, the population is increasingly embracing Bitcoin and other cryptocurrencies to offset the impact.
Many Argentinians are finding cryptocurrency to be more stable than their peso, according to D.H. Taylor, an economist and mathematician.
“Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC (Bitcoin). The numbers being witnessed by the markets in BTC are surging from Argentina,” Taylor writes. “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”
As the United States went on raising interest rates, Argentina’s central bank put many measures in place to rescue the peso. However, there has not yet been any sign of success.
Taylor added that the Central Bank may turn to cryptocurrencies as a last ditch attempt to protect the currency from sliding further down in value.
These days, reports say, more and more stores have begun accepting Bitcoins, giving rise to a new kind of business. In the city of Cordoba, according to Spanish publication La Nación, a butcher shop has also recently started accepting Bitcoin.
A dozen Bitcoin ATMs have also been set up in the capital city of Buenos Aires, with many more machines slated to be installed in supermarkets, shopping malls, and cinemas across the country. American ATM distributor, Odyssey Group, stated earlier this year that it was going to install 4,000 cryptocurrency ATMs throughout Argentina.