Argentina, argentina bitcoin trading, argentina cryptocurrency, Argentina economy, crypto exchange, Latin America, report

Over a million Argentineans have been buying cryptocurrencies in the last few months, and a pattern has been spotted among them in terms of preferences. A local media outlet unveiled that most of them are decanted to acquire bitcoin and stablecoins.

Argentineans Like to Invest in DAI, USDC, and USDT

According to Ãmbito, citing data from South American digital assets crypto exchanges, the boom on such markets had driven Argentina to look for other virtual currencies rather than bitcoin (BTC).

In fact, per the media outlet, most Argentineans also buy USD-pegged stablecoins, such as dai (DAI), USD coin (USDC), and tether (USDT).

As the number of users coming from Argentina keeps skyrocketing, exchanges like Ripio have praised such a growing number. Its director, Juan José Méndez, commented on the matter:

Ethereum’s Interest Is Also on the Rise

The report also highlights that stablecoin preference in Argentina started to gather momentum in 2019 due to the US dollar’s buying cap imposed in the country.

Users perceived such tokens as a more effective way to convert their fiat Argentinean pesos into dollars by backing them on such kinds of digital assets.

But BTC is not the major crypto whose interest had increased in Argentina. Marcelo Cavazzoli, CEO and co-founder of the Argentinean crypto wallet Lemon Cash, pointed out that ethereum (ETH) has its share in the adoption’s figures:

There are 20 cryptocurrency exchanges legally operating in the South American country, where people could use their Argentinean peso fiat to acquire digital assets.

What are your thoughts on the report’s findings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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