Checking last week's statistics, 106 BTC were traded in Argentina on LocalBitcoins.
The number is up from week before (92 BTC) and more than double to the volume, three of weeks ago - 52 BTC. Last time the weekly volume was this high in Argentina was back in June 2016.
- 106 BTC is over 110,000,000 Argentine Pesos.
- One Bitcoin (BTC) is currently about 1,000,000 Pesos.
- One satoshi is currently about one Centavo - the smallest Argentine monetary unit.
- Monthly minimum wage is 16,875 ARS - less than 250 USD.
- Inflation rate in Argentina from 2004 to 2019* - https://www.statista.com/statistics/316750/inflation-rate-in-argentina/
Last week's 106 Bitcoins is pretty impressive, considering the monthly volume is averaging between 200 & 250 BTC.The spike in trading Bitcoins hits the country at its worst 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/
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):
Yep, Argentina is buying big time again. 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.
Chart @ CoinGecko.com - Great site although the BTC price in ARS is completely wrong. Visit LocalBitcoins to see the real price.
You can also check the weekly volumes at Coin.dance.
Will keep you posted. If you have any questions, ask in the comments, please.
Check my previous posts, please:
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One cent (Centavo) in Argentina is now worth less than one satoshi
The 8 Bitcoin documentaries, everyone should watch at least once - 6 hours of the best video about Bitcoin.
Guide how to mine crypto with your computer, no skills necessary. True passive income without any investment.
Guide how to earn Bitcoin with (almost) NO skills required.
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