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Argentina's digital love affair embraces Bitcoin in fight against inflation

Argentina's digital love affair embraces Bitcoin in fight against inflation

In a rapidly changing world, where the day-to-day alterations surpass those on the menu of local diners, Argentinians have embraced a new passion. The country now prefers Bitcoin to the traditional greenback. Business Insider reported that, over the past 20 months, Argentina had seen a surge in cryptocurrency transactions, reaching unprecedented levels. This surge came amid an economy grappling with a staggering inflation rate of 276%. In early March, weekly Bitcoin acquisitions had soared to 34,700, doubling from figures recorded in early February. It appears that, faced with sky-high inflation, Argentinians are leaping towards Bitcoin, mirroring the currency's dramatic ascents. Bitcoin has surged by 73% since the year's start, hitting an all-time high of $73,000. In Argentina, mentioning "needing more greens" might not necessarily refer to US dollars. There was a time when the US currency played the role of the reliable and indispensable means of payment for everything from Airbnb rentals to corporate paychecks. However, the peso gained strength by 10%, and the dollar's spotlight dimmed. Argentinians have turned to a new strategy to navigate through soaring inflation, placing their bets on something even more unpredictable than Buenos Aires's weather but with far greater potential. We stand as observers of this intriguing financial evolution, where Bitcoin emerges as a new champion against the backdrop of inflationary challenges.

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