Argentines Turn to Bitcoin Amid 276% Inflation

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Author: Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Argentines are reportedly moving much of their savings to Bitcoin to counter the 276% inflation, one of the world’s highest inflation rates. Bitcoin is being used to safeguard their wealth instead of exchanging pesos for dollars. The Bitcoin purchases in Argentina are at a 21-month high, with Lemon reporting a significant increase in transactions, with almost 35,000 purchases of Bitcoin recorded in the week ending March 10. This portrays a growing trend among Argentines to seek financial stability amidst the massive recession. The government has also been supportive of crypto investments.

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