Bitcoin remains in demand among Argentines as the peso continues to lose value against the U.S. dollar, dropping from $0.0049/peso in March 2023 to $0.0012/peso.
Argentines’ efforts to preserve their savings amid the ongoing decline of their national currency, the Argentine peso, has resulted in the nation recently hitting its highest demand for Bitcoin (BTC) in 20 months, according to a recent report.
On March 20, Bloomberg reported data sourced from cryptocurrency exchange Lemon Cash revealing that nearly 35,000 customers in Argentina purchased Bitcoin in the week ending March 10, double the weekly average compared to 2023.
A major factor for the increase in demand is the ongoing decline of the nation’s currency.
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Source: https://cointelegraph.com/news/bitcoin-demand-argentina-reaches-peak-argentine-peso