RATE Group | In Argentina, Investors Flock to Safe-Haven Bitcoin
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In Argentina, Investors Flock to Safe-Haven Bitcoin

23 Sep In Argentina, Investors Flock to Safe-Haven Bitcoin

Posted at 02:38h in Bitcoin News by

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The economic crisis in Argentina is driving investors to buy Bitcoin in order to protect their wealth, pushing the cryptocurrency’s price higher in-turn. In parallel, to satisfy the increasing demand, the first of 12 Bitcoin ATMs has already begun to operate in a Buenos Aires mall. The number of stores accepting Bitcoin also continues to rise.

Bitcoin Is a Safe-Haven During an Economic Crisis

As the country’s currency plunges, Argentinian investors and ordinary people are exchanging their pesos for Bitcoin (BTC) 00. In this regard, economist and mathematician D.H. Taylor writes,

“Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”

As for substantiating evidence, Taylor refers to the chart below showing the weekly…

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