Argentinian investors are well known for not taking the risks associated with any particular asset class. However, because of the crypto boom, they have learned how they could overcome their fears in tackling risks. They are fast adopting Bitcoin and other cryptocurrencies on a long-term basis. Two Bitcoins can buy you a luxury apartment in one of the top locations in the country.
Like others, Argentina is also currently facing financial turmoil because of bad economic conditions. High inflation is existing in the country while investing opportunities are squeezing massively. However, a large portion of Argentinian investors has come to believe that the survival is in the adoption of crypto.
It has been noted by the local media that there is a significant increase in the numbers of crypto investors in the country. Investors’ favorite hobby in Argentina these days is Bitcoin investment followed by investments in Ethereum, BCH, and Litecoin.
Since last year, there has been an overall increase of crypto investors by almost 900%. As per 2021’s statistics, the total population of Argentinians is about 45 million. However, out of these 45 million people, at least 2 million are those who are crypto investors. In addition, almost 85% of the majority out of 2 million people have joined a crypto investment in 2020 only.
However, even before the pandemic in 2018, the country was witnessing acute inflation, which was exceeding over 45%. The rate of unemployment is currently at 11% in Argentina while every two persons out of 5 are living under the poverty line.
In these circumstances, those who have the money are scared of putting the funds in any traditional financial assets. They have in fact found a shelter in crypto as an alternative source of securing their funds.
Marcos Zacaro, who is a widely known figure in the field of blockchain, commented on the growth of the crypto industry in Argentina. He said that it is surprising that countries like Venezuela and Argentina are amongst the top crypto users in the South American region.
It was also noted in Argentina that the most flourishing business in the country is crypto trading. In an attempt to capitalize from the crypto industry, crypto trading platforms have been growing in the country one after another.
There is also no age limit towards crypto investment as people from all age groups are showing their interest in crypto trading. However, most of them belong to the younger lot, noticed Zacaro. He was of the further view that he knew many clients who never dared to take any aggressive risks. However, now they are not only taking the risks but also are also comfortable that they have made the right choice, suggested Zacaro.
One can buy a luxury apartment in a posh area in Buenos Aires if the person has in possession only two Bitcoins.