Bitcoin trading skyrocketed in Argentina and Brazil
Argentina and Brazil Record New Highs in BTC Weekly Trading Volumes
Both countries are facing a deep economic crisis, including amid a pandemic
Due to tight currency controls, traders protect themselves from inflation with bitcoin
International consortium of news organizations developing transparency standards.
Traders in troubled economies such as Argentina and Brazil are showing increasing interest in bitcoin amid weakening of their national currencies.
In some parts of the world, bitcoin serves as a defense against local currency devaluation and inflation. Over the past two months, bitcoin trading (in fiat currencies) in Argentina, Brazil and Turkey is up 169%, 20% and 5%, respectively, according to data from analytical company Arcane Research, reaching new records..
In fact, these figures speak, rather, of the problematic state of the economies of these countries, rather than the growing interest in cryptocurrencies. In the case of Argentina and Brazil in particular, the growth in BTC trading volumes indicates the desire of traders to use Bitcoin as a risk hedging tool.
Both countries were already in a state of financial crisis long before the coronavirus pandemic, which only made matters worse. Against this backdrop, the Brazilian currency depreciated by more than 30% against the dollar, and interest rates fell to historic lows around 2%, pushing the population to invest in funds, stocks and even cryptocurrencies..
BTC trading in Brazil surpassed $ 700K last week, a new high since early 2020, according to Useful Tulips. In Argentina, this figure exceeded $ 1 million, and this is already a record high.
Argentines are showing heightened interest in BTC to guard against currency devaluation as local regulations severely restrict access to foreign currencies, including the dollar and euro.
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