May 8, 2021

Economic downturn fueling Argentine crypto craze


There are an estimated two million crypto trading accounts in Argentina, a country of 45 million people, as of May 2021
There are an estimated two million crypto trading accounts in Argentina, a country of 45 million people, as of May 2021

Argentina’s economic downturn, with high inflation, a deflating currency and a shortage of US dollars to invest in, has in fact proved a shot in the arm for one sector: cryptocurrency.

As they seek safe havens for their dwindling nest eggs, Argentines—used to buffering against economic crises—have been putting their money into Bitcoin, Tether, Etherium or Dai.

“The number of user accounts for investing in ‘cryptos’ has multiplied by ten in Argentina since 2020,” said Maximiliano Hinz, Latin American director of cryptocurrency exchange Binance, the world’s largest by trade volume.

There are now an estimated two million crypto trading accounts in the country of 45 million…

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