The Argentinean crypto market is growing at an exponential rate. While the overall cryptocurrency industry has ebbed and flowed with market sentiment, the industry in the South American nation has defied the odds, and more citizens now prefer transacting in crypto than before.
The trend began last year when the country’s inflation rate reached a record 47 percent. The figure is still a fraction of the 84 percent peak experienced in 1991, but enough to alarm the citizenry. Consequently, more Argentines are seeking refuge in cryptocurrencies, with Bitcoin being the most popular.
Current statistics indicate that there has been a significant upsurge of cryptocurrency trades in the country. Weekly trades on the P2P crypto trading platform LocalBitcoins currently average over 6.5 million Argentine pesos. This is according to CoinDance estimates. Trade volume has been climbing steadily since December 2017 and peaked at just over 9.4 million pesos a week towards the end of last year.
Apart from the…