With the lack of Bitcoin in some cryptocurrency exchanges in Argentina, the price of the currency in the country has skyrocketed in recent days. The platform owners in the country are struggling to meet the demand, which is more interested in buying than selling.
According to industry experts, the price of Bitcoin in Argentina is one of the highest in the world, as even the decline of the currency has not stopped the interest of the population.
It is worth remembering that the dollar is a currency that has been present in the Argentine reality for several years now, which considers the North American currency as a haven for the local currency, the peso. With extreme devaluation, $ARS has been one of the worst currencies in the world in recent years.
With a shortage of bitcoin in brokerages in Argentina, the price of the currency in the country is “rising”
Bitcoin exchanges began to run out of stock in Argentina amid market panic and widespread declines in several countries.
According to iProUP, who spoke to some entrepreneurs in Argentina’s cryptocurrency sector, who saw the rise in bitcoin’s price as a breath of fresh air in the country.
One of the explanations for the rise in the digital currency is demand from Argentines who want to take advantage of Bitcoin’s widespread fall in price to buy more.
In addition to bitcoin’s rise, dollar-backed stablecoins have also been a good outlet for Argentines, who are worth more in the country with the peso’s decline.
Cheapest Bitcoin in Argentina costs BRL 160,000, in Brazil the price is BRL 109,000
Since Bitcoin is a currency that fluctuates with the dollar rate around the world, the price difference happens from country to country, especially when local currencies and their particularities are taken into account.
In Brazil, for example, the price of bitcoin this Wednesday (15) is R$109 thousand per unit, helped by the appreciation of the dollar in recent days.
In Argentina, according to LocalBitcoins, the cheapest price for bitcoin is 3.7 million pesos, which equates to a price of BRL 160,000 per coin.
In consultation with the website of the broker CryptoMarket, it can already be seen that 1 Bitcoin costs 5 million Argentine Pesos, or more than BRL 200,000 today. This certainly gives one of the highest prices of bitcoin in the world because when converting to US dollars, it is like bitcoin costs $40 thousand in Argentina today.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.