The situation in Argentina is getting worse every time. Inflation has not decreased due to the Coronavirus and quarantine, and neither has the price of the Dollar. The Bitcoin Dollar is approaching $ 130 hours from Halving.
Bitcoin Dollar approaches $ 130
The Bitcoin Dollar index emerges in Argentina as a natural and human response to the restrictions placed by the governments on duty for the sale and purchase of the US Dollar.
This is the main refuge for many Argentines who do not want to see their savings reduced over time. Thanks to inflation, depreciation of its currency, and poor economic performance.
Today Bitcoin in the main crypto exchanges of the Republic of Argentina is located well above one million pesos. It’s in 1,177,506.92 pesos in Ripio and 1,271,623.79 at SatoshiTango.
While on international crypto exchanges like Binance, Bitcoin is trading at around $ 9,750. At the official dollar price (70 pesos), we can see that the value of each Bitcoin in Argentina is about $ 18,166. This represents a difference of almost double between the price of the world’s first crypto, and its value in Argentina.
The Bitcoin Dollar index is calculated by dividing the price of BTC in national crypto exchanges measured in national Fiat currency. It is then divided by the BTC price in US dollars. This results in the exchange rate (price of the Dollar) at which the purchase or sale of cryptocurrency or better known as the Bitcoin Dollar can be accessed.
In this case, the Bitcoin Dollar in Argentina gives us as a result: 130 pesos / Dollar. While, the Blue Dollar is at 122 pesos. This shows that Argentines currently find it less expensive to acquire dollars in the parallel market than Bitcoin in crypto exchanges.
Bitcoin as the answer, but there is still a way to go
Argentines are increasingly turning towards cryptocurrencies and cryptoverse. All thanks to an economic, political and social crisis that the country of Tierra de Fuego is experiencing. Therefore, the importance of the Bitcoin Dollar.
Among all cryptocurrencies, Bitcoin has been the favorite of Argentines. All to take refuge from the different negative impacts that threaten each of the inhabitants of that country.
But, as we see, within hours of Halving, the price of the Bitcoin Dollar is much higher than the Blue Dollar. As a consequence, for the moment, an average Argentinean would find it more beneficial to acquire dollars on the black market than BTC on the main crypto exchanges.
Although, the dollar in cash does not allow insertion in the international market. Well, with the Bitcoin in the Argentinean wallets, they will be able to do with them whatever they want, and go around the world without any type of censorship or control by the governments in power.
Do you think the price of the Bitcoin Dollar will be lower than the Blue Dollar again? Or has this trend, which has been reality for some weeks now, come to stay?