RATE Group | Flight To Bitcoin In Argentina Due To Debt Crisis A Sign Of What’s To Come
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Flight To Bitcoin In Argentina Due To Debt Crisis A Sign Of What’s To Come

24 Apr Flight To Bitcoin In Argentina Due To Debt Crisis A Sign Of What’s To Come

Posted at 18:57h in Bitcoin News by

Data from peer-to-peer cryptocurrency exchange LocalBitcoins shows that citizens in Argentina are dumping record amounts of their hard-earned pesos in exchange for the first-ever cryptocurrency: Bitcoin.

The country’s economy is crumbling under enormous inflation and is the government is about to default on its debt. With the rest of the world downward spiraling toward similar conditions, is this a sign of what’s to come for the leading cryptocurrency by market cap?

Argentina Citizens Flee the Peso For Bitcoin At Record Rates, According to LocalBitcoins Data

The global economy hasn’t been healthy in over a decade. The relief and stimulus packages during the Great Recession of 2008 Bitcoin was born from, only acted as a band-aid and a temporary fix for the underlying debt crisis that has only since gotten worse.

At the start of last year, trade tensions growing between the two world superpowers of US and China put a crack in the already thin ice the economy was resting on….

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