Argentines love crypto and now there’s a survey finding to back up this claim. In its recent survey, Paxful found that Argentines prefer to invest in crypto assets compared to traditional assets and fiat currencies. The economic conditions in Argentina are deteriorating fast as the country plunges to new financial depths.
The government is undertaking various measures to revive the economy but to no avail. Peso, the Argentine fiat currency, is reaching new abyss each passing day. The citizenry is losing its faith in the conventional money and looking towards alternate assets including cryptocurrencies. No wonder there’s a rise in crypto trading here.
Argentines love crypto and there’s a good reason behind it
The Argentine craze for cryptocurrencies is founded on logical reasons. In a Paxful survey released recently, it was found that citizens of Argentina place huge faith in crypto assets. The survey featured responses from around 1,100 people. Approximately, 69.5 percent of the respondents mentioned how they have made a minimum of one crypto investment to safeguard themselves from economic uncertainties plaguing Peso.
Furthermore, the survey pointed out that around 67.8 percent of respondents place cryptocurrencies higher than Peso when it comes to safety. A majority, 73.4 percent, believe cryptocurrencies as a hedge against economic fallout.
As more Argentines love crypto, the same is evident in the increasing crypto operations in the country. The pandemic has accelerated the use of crypto in the Latin American nation. There has been a 37.5% percent increase in crypto trading volume in the past few months.
Crypto sentiment getting stronger in developing nations
Developing nations, both Latin American and Asian, are witnessing the rise of crypto positive sentiment. The fear of inflation along with economic troubles have ensured that people flock to cryptocurrencies.
In the case of Argentina, crypto could very well last hope against worsening economic conditions. The contractionary monetary policy of the government caused widespread economic chaos. Crippling inflation has made matters worse. It comes as no surprise that Argentines love crypto considering their wealth and investments are under inflationary attack.