Bitcoin exceeds one million pesos in Argentina

The value of bitcoin in Argentina exceeded one million pesos. The devaluation of the national peso, hit in recent months by the external debt crisis and unbridled inflation, yields extraordinary figures in the value of the cryptocurrency.

According to Coinmonitor.info data , at the time of this publication the price of BTC in Argentine pesos is around 1,031,324.69 . This number, reached by some exchanges that allow the purchase and sale of BTC in the country, is achieved from the average of the median sale and the median purchase of the top of Argentine pesos.

In addition to the world crisis since the spread of COVID-19, Argentina has suffered for years from the depreciation of the peso . The economic crisis of external debt in recent years, the great fiscal pressure and high inflation , are also important factors when it comes to analyzing its currency.

On the other hand, the restrictions imposed on the purchase of dollars at the end of last year resulted in Argentines having two types of quotations against the dollar . On the one hand, the price imposed by the Central Bank of $ 66.68 per dollar (added to 30% to make purchases abroad), and the so-called "blue dollar" , made between individuals and exchange houses, without regulations nor legal procedures, which is negotiated above $ 110 .

All these factors explain the growing distrust of citizens in the local currency, so they have found an alternative in cryptocurrencies .

The  volumes of criptomonedas especially  bitcoin -  in Argentine pesos  grew amazingly since January 2018 . According to Arcane Research data  ,  the weekly volume of the main cryptocurrency purchased with Argentine currency increased by 1028% since January 2018 . The growth is consistent with the increase in terms of BTC, by 407%, and in terms of dollars, whose deposited volume grew by 139%.