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In a notable departure from its highly publicized dollarization policy and rejection of the BRICS invitation, Argentina appears to be witnessing a shift among its citizens towards Bitcoin as an alternative to the US dollar. A recent report from local cryptocurrency exchange Lemon indicates a growing preference for the digital asset over the greenback as a savings strategy in the country. Bitcoin investments are increasingly replacing the traditional practice of exchanging pesos for US dollars in Argentina, marking a significant trend with BTC purchases reaching their highest levels in over a year. This transition coincides with the recent election of President Javier Milei, who advocates for dollarization of the nation’s economy.

 

 

 

Since Milei took office, Argentina has experienced currency devaluation, prompting a surge in Bitcoin investments as citizens seek more stable alternatives to the US dollar. Despite its dissociation from BRICS, Argentina’s embrace of Bitcoin over the greenback is becoming increasingly evident, with a notable increase in BTC transactions reported by the Lemon crypto exchange.

 

 

 

Despite a recent price correction in the Bitcoin market, Lemon reported a staggering 35,000 transactions during the week of March 20th, with over 27,000 Bitcoin purchases recorded the previous week, according to Bloomberg. This surge in Bitcoin usage marks an unexpected development for many analysts, as Argentina grapples with economic challenges and explores new avenues for financial stability.

 

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