{"id":11213,"date":"2022-05-30T21:18:47","date_gmt":"2022-05-30T21:18:47","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/argentines-turn-to-bitcoin-amid-inflation-worries-report\/"},"modified":"2022-05-30T21:18:49","modified_gmt":"2022-05-30T21:18:49","slug":"argentines-turn-to-bitcoin-amid-inflation-worries-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/argentines-turn-to-bitcoin-amid-inflation-worries-report\/","title":{"rendered":"Argentines turn to Bitcoin amid inflation worries: Report"},"content":{"rendered":"
Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens’ purchasing power.<\/p>\n
This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge against 60% inflation, despite the market being in the red for several months and the central bank forbidding financial institutions from operating with digital assets.<\/p>\n
Related:\u00a0<\/em>Argentina\u2019s central bank steps in to block new crypto offerings from banks<\/em><\/strong><\/p>\n In an Americas Market Intelligence report cited by Reuters, it was found that \u201ccrypto penetration\u201d in Argentina had reached 12%, double that of Peru, Mexico and other countries in the region.<\/p>\n