The smallest Argentine monetary unit has fallen to now be worth the equivalent of a satoshi.
The Centavo, which has been in circulation since 1854, joined the Lebanese pound and the Vietnamese dong to have the same value as the smallest denomination for bitcoin .
The decline in the value of the currency was noted by the Argentinian user of Reddit u / OneMoreJuan, who used the Centavo spell as an example to invest in bitcoin . Another user in the comments said that the Centavo scrap was now worth more than the coin itself.
Argentina is one of the many countries in South America to have experienced hyperinflation and a monetary crisis in recent years, as the government has defaulted on its loans nine times. The country entered its third year of recession before the start of the coronavirus pandemic, after experiencing an economic crisis that began in 2018.
According to a Bloomberg report, inflation in Argentina has exceeded expectations, with the current rate reaching around 50%.
Argentines have responded to the devaluation devalued by turning to the bitcoin and active-crypto by weight. The data aggregator Coindance shows a significant increase in the weekly volume of LOCALBITCOINS for Argentinian customers since the beginning of the year, reaching up to $ 70 million in May.
