Bitcoin demand in Argentina reaches highest point in nearly two years
Bitcoin remains in demand among Argentines as the ARS has lost fourfold value against the US dollar in the last year, dropping from 0.0049 USD per ARS in March 2023 to 0.0012 USD at present.
Argentines' efforts to preserve their savings amid the ongoing decline of their national currency, the Argentine peso (ARS), has resulted in the nation recently hitting its highest demand for Bitcoin (BTC) in 20 months, according to a recent report.
On March 20, Bloomberg reported data sourced from cryptocurrency exchange Lemon Cash revealing nearly 35,000 customers in Argentina purchased Bitcoin in the week ending March 10, which is double the weekly average compared to 2023.
A major factor for the increase in demand is the ongoing decline of the nation’s currency.
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