The course of the Latin American economy seems to be going down a stormy path. Well, multiple countries are suffering with their currencies, and one of the cases that is being as critical as Venezuela is Argentina. Therefore, Bitcoin reaches 2 million pesos.
The depreciation of the Argentine peso is increasingly palpable. With the doubts generated by the sovereign debt and the recession that the nation is going through, a huge gap is widening between the almost static official market. This clearly happens due to exchange controls, and the breakdown in the informal segment and other parallel places.
Therefore, Argentines who are foreseeing the future, are betting on safer currencies. And this is the case of Bitcoin in Argentina.
Bitcoin reaches 2 million pesos
The depreciation of the Argentine peso is driving up the different types of dollars in the country. One of the most followed, the Bitcoin Dollar, has reached 181 Ars for the first time.
The Coronavirus pandemic, added to the deep economic crisis that the country has been experiencing for some time, makes an explosive cocktail for its currency. As if that weren’t enough, political uncertainty is the order of the day.
At the time of writing, the gap between the official dollar ($ 82.50) and the Blue dollar ($ 178) stands at 116%, generating a strong distortion in all sectors of the South American country’s economy.
How can BTC compare to the Argentine peso?
The Bitcoin Dollar index is calculated by dividing the BTC price of the day in national exchanges, this always calculated in Argentine local currency, against the US dollar price of BTC. This results in the Bitcoin Dollar.
A clear example of this procedure can be seen in the local exchange SatoshiTango. Well, here the Bitcoin dollar has touched 2 million pesos for Thursday and remains.
For its part, the official price on international markets on Thursday was US $ 11,500, and at the time of writing it is 11,338, this according to Binance.
“If we divide 2 million pesos against the 11,350 USD that is being traded at the moment, it gives a value of 181 Ars. At the time of writing it would be the highest dollar of all those that are traded in the country ”. This according to a specialized analysis by the CEO of CriptoTendencia, Andrés Tejero.
What will be the future of Bitcoin in Argentina?
For some years, Bitcoin has become an active refuge for many traders around the world, and now it has played a relevant role for Argentines during the growing crisis, this is due to 2 key factors, according to the CEO’s analysis. from CriptoTendencia:
- The possibility of dollarizing and making money grow with the rise of BTC.
- Escape the restrictions imposed by the government, which only allows buying up to US $ 200 per month for natural persons.
In addition to these two factors, it is well known that Bitcoin is a cryptocurrency that guarantees profits in times of crisis, and is a good backup to retain your capital and make it grow in the future.
Finally, it is important to mention that during economic crises, the currencies that suffer a devaluation are not safe currencies for savings, since today you can have enough saved to pay the bills, but the next day your money is worth less .
Also, it makes the interest of foreign investments decrease. However, Bitcoin is a great ally to preserve the value of savings for individuals and companies.