The importance of crypto and decentralized currencies may be difficult for Americans to understand. But in countries experiencing hyperinflation like Argentina, where inflation rates exceeded 200% in 2023, crypto may be the only safe haven.
In the last 6 months, Argentina had the largest purchases and holdings of stablecoins in Latin America. 60% of Argentine crypto purchases on Mexican-based crypto exchange, Bitso were for US dollar-based stablecoins, and 13% of buys were for bitcoin.
The political landscape in the Latin American nation may play a pivotal role in the adoption of crypto as newly elected “arnarcho-capitalist” Javier Milei seeks to close the country’s central bank calling it “a scam.”
The crypto-verse is taking notice. Last week, crypto exchange OKX announced it launched its crypto exchange and web3 services in Argentina.
Will Argentina lead the LatAm crypto revolution? Time will tell…