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Bitcoin Demand in Argentina Climbs Up as Debacle Continues

The demand for Bitcoin (BTC) in Argentina witnessed a surge amid the country’s make or break moment in its ninth straight default. At the same time, Argentines dumped huge portions of Pesos to purchase BTC, Arcane Research – a cryptocurrency research firm – disclosed on Twitter on Thursday.

The economic status of Argentina is fragile as it further walks on thin ice. Also, the country said that it could not make yet another sovereign debt payment that was due last Wednesday. Therefore, it started its countdown for the following default in payment unless it manages to restructure billions of dollars with foreign creditors.

Sadly, for the debt-stricken country, its proposal to diminish the burden has not met well with a massive chunk of bondholders. With this, while the ever-growing debt cycle, practically standard in the way of economic growth, an enormous number of Argentinians choose to confide in Bitcoin.

Based on the report, this month, the BTC demand continues to boost.  That is despite the country’s failure to repay $503 million in debt. Moreover, the citizens have shelled out a record-high number of Pesos in exchange for BTC.

From that, the BTC demand has risen by 028% since the beginning of the year 2018, according to the charts. While they reported the increase of Bitcoin at a whopping 407%, the USD worth volume deposit showed a 139% gain. With all these data, it is signaling that the real value of Bitcoin. And its demand has only seen an upswing in recent years.

 

Restrictions Backfiring

Then, in its efforts to empower the native fiat currency, the Central Bank of Argentina has applied a lot of limitations on the crypto king and the U.S. dollar.

The country has done everything. They have imposed restrictions on the buys made with the U.S. dollar. And even  discouraged its citizens from purchasing Bitcoin using credit cards. It seems like all attempts to revive its failing currency, and the economy has now backfired.

Above all, the country could either decide to jump on board the Bitcoin wagon or be left out of the race. On April 21, the central bank has entered into a collaboration with Bitcoin startup IOV Labs.

Aside from that, this partnership plans to design a blockchain-empowered payment system. And this will help the bank streamline its payments, deposits, collections, and other related processes.

They also see the initiative as a strong indicator of what to expect next. A lot of analysts believe that the rising Bitcoin building models that revolve around BTC are unpinning technology blockchain.

 

Halving

Meanwhile, crypto-social media chatter about the halving spiked overnight, after gold overshadowed it in February and the coronavirus in March.

With under three weeks before the halving, the subject has overtaken the coronavirus as a leading Bitcoin narrative on Twitter. And it is beginning to dominate again on social media coverage.

Crypto social sentiment analysis firm TheTIE released data to Twitter on April 23 shows discussion about the halving ranked as the ninth most discussed topic linked with Bitcoin.

Crypto analyst Mati Greenspan stated, “The virus, along with the current economic situation, has completely drowned all conversation about the halving event.”



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