Bitcoin adaption in Argentina is increasing with each passing day, and the connection may not just be that simple.
Bitcoin might not be doing so well in terms of the adoption today, yet it’s gaining a notable amount of respect and popularity in regions like Argentina and Hong Kong.
Despite the recent drops, these developing nations are still ready to offer premiums on the topmost cryptocurrencies.
What is causing Bitcoin adaption in Argentina?
Owing to the election uncertainty in Argentina, it’s the national currency (Peso) has seen a significant drop of thirty percent (30%) over the course of these last few days.
Bitcoin has been trading for twelve thousand dollars ($12,000) in Argentina on exchanges like that of LocalBitcoins.com, which is around ten percent (10%) greater than its worth compared to the rest of the trading platforms.
Likewise, Bitcoin has been trading for around four percent (4%) premium in Hong Kong. The people there have stood up against China-led communism and now fearing that the government forces, in retaliation, might consider taking extreme steps against them.
Cryptocurrencies like Dash and Bitcoin are gaining extreme popularity and utility in countries such as these. The only problem with these assets lies in their volatility factor. In the last 24 hours, the Bitcoin price has fallen around four hundred dollars ($400), and the drop was around eight hundred dollars ($800) roughly in the last week.
There are some serious concerns associated with the use of Bitcoin and other cryptocurrencies in regions like these. Since you might just be trading a highly volatile asset for another, as far as national stabilization is concerned, such practices won’t do much good.
So, in the circumstances like these, for the better protection for Argentinians, the best bet would be the purchase of American dollars according to some crypto trade experts.