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The price of a Bitcoin in Argentina reached one million pesos

April 29, 2020

Due to the devaluation of the peso, the national currency of Argentina, Bitcoin has already reached a historical value of around one million pesos in this country. According to the comparison site Coinmonitor.info, the million pesos is a number that has been surpassed in some exchange houses that enable the purchase and sale of BTC.

At the time of this release, the average Bitcoin average price, according to CoinMonitor, was 1,025,551 Argentine pesos. This number results from the average of the median sales and the median purchase of the top in Argentine pesos, which can be displayed in Coinmonitor.

It should be noted that In Argentina, residents live alongside the global crisis caused by the Covid-19 for decades, the constant devaluation of the Argentine peso and the successive economic crises that have occurred over time. In addition to high inflation, foreign currency buying restrictions, and high fiscal pressure, this can be factors that cause citizens to look for an alternative to fiat currency in cryptocurrencies.

The price of a Bitcoin in Argentina reached one million pesosThe price of a Bitcoin in Argentina reached one million pesos

The Mexican specialist Eloisa chain, recently published on his LinkedIn account:

“Bitcoin reaches 1 million Argentine pesos. Given the uncertainty, Bitcoin is not only being maintained, it is increasing.”

Exponential increase

Bitcoin (BTC) volume in Argentine pesos has grown exponentially since the cryptocurrency declined in 2018. Arcane Research published data on Twitter on April 23, showing that the weekly volume of Bitcoin bought with Argentine pesos has increased by 1.028% since January 2018. However, the volume of BTC and USD has also increased significantly.

The financial crisis in Argentina, in addition to the global economic impact of the corona virus, is particularly complicated compared to other countries that have sparked interest in cryptocurrency as a reliable asset that does not correlate with inherited markets.

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