For Venezuelans, BTC is the most reliable hedge against the rampant hyperinflation the Latin nation is suffering.
Cryptocurrencies have been trending upwards in price over the last few weeks, but in certain countries around the world digital assets have become far more valuable. For instance, in Argentina, the nation’s sovereign currency has lost considerable value and cryptocurrencies like BTC are seeing all-time price highs. The surge in value is not just taking place in Argentina as a few other countries suffering from hyperinflation are seeing significant demand as well.Lots of Crypto Demand Stems from Countries Experiencing High Inflation and Currency DevaluationOver the last week, digital currency supporters have noticed that the price of bitcoin core (BTC) and a few other popular assets have been seeing higher price gains in some markets compared with the rest of the world. The trend has been seen in countries suffering from economic distress and hyperinflation, an accelerated version of traditional inflation. Essentially the state’s currency begins to erode extremely fast and the prices of goods like food and medical supplies increase. Due to this factor, the region’s citizens usually switch to more stable foreign currencies in order to hedge against rapid inflation. Crypto…
In Argentina, Bitcoin [BTC] broke above the All-Time High as it’s FIAT currency ‘Argentine peso’ is reeling under fears of extreme inflation. The price of Bitcoin in Argentina surpassed the previous All-Time High as it reached traded above 3,50,000 ‘peso Argentino’. In dollar terms, it means that Bitcoin is trading above $20000 in Argentina.