The possession of cryptocurrencies It continues to boom in Argentina and 2 out of 10 Argentines choose them either as savings or as an investment, to protect themselves from high inflation, according to a Coinspaid survey.
Another analysis prepared annually by CryptoSlate indicates that Argentina had a growth of 20% per year in the adoption of cryptocurrencies and is close to 10 million users. Considering its current political and economic situation, this is a very high number, which places it above countries such as Germany, Italy, the United Kingdom and France.
Regarding the reasons for turning to the crypto world, more than 70% of the cases respond to alternative methods of saving or investing. Almost 80% of Argentines who access cryptocurrencies do so through exchanges compared to only 20% who bought them from another person.
“Demand for blockchain payments is expected to increase significantly, as the gigantic clunky machine of centralization seems to be on its way out, and the recent pandemic plays a role in that,” said Max Krupyshev, CEO and co-founder of Coinspaid. .
According to the company specialist, the pandemic pushed the workplace online, and more and more people are moving abroad, not being forced to live in an expensive city. This means that the demand for decentralized financial services is increasing. Employees are looking for a stable means of payment with the potential of cross-border cryptocurrencies, and stablecoins are gaining prominence accordingly.
Cryptocurrencies as a refuge
Over the past year, Vietnam, the Philippines, Ukraine, and India have held the top spots in Chainalysis’ Global Cryptocurrency Adoption Index. In Latin America, the ranking is led by Brazil followed by Argentina, Mexico and Colombia, which, although they move a large volume of cryptocurrencies, are also the countries that receive the most illicit crypto values.
It seems curious that, despite the decrease in demand for cryptocurrencies, there is a growth in its use and adoption. The growing adoption of cryptocurrencies is likely driven by fears of inflation.
Given that scenario, the price of Bitcoin -which grew 50% between January and March 2023- and the increase in the value of other crypto assets such as Ethereum (up 42%) and Solana -which rose 100%- once again turned cryptocurrencies into a financial haven.
Cryptocurrency asset management company Grayscale conducted a survey and found that more than a quarter of respondents felt an increased desire to interact with cryptocurrencies due to the current global economic crisis.
Follow the growth of cryptocurrencies in the world
Although the global economic crisis has put immense pressure on financial markets, including cryptocurrency, some sectors of digital assets remain largely unchanged. According to Coinspaid’s look, “data shows that the cryptocurrency payments industry continues to grow, despite negative news sentiment.”
According to data published by CoinsPaid, the total number of transactions carried out worldwide through its platform in the first quarter of the year exceeded 6,000 million euros, which represents an increase of 41.25% compared to the first quarter of 2022. and an increase of 9.36% compared to the previous quarter.
In addition, the company registered on April 1 the milestone of 23,000 million euros of cryptocurrencies processed on its platform, and if Bitcoin manages to overcome the barrier of 30,000 dollars and consolidate, CoinsPaid hopes to see a new great bullish streak soon not only for the company itself but for other cryptocurrency ecosystems around the world.
Source: Ambito
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