Over the past few months, more than one million Argentines have been buying cryptocurrency and have discovered a pattern in preference. A local media reported that most of them were dumped to obtain Bitcoin and stablecoins.
Argentines like to invest in DAI, USDC and USDT
According to Ámbito, citing data from South American digital asset encryption exchanges, the prosperity of such markets prompted Argentina to look for other virtual currencies instead of Bitcoin (BTC).
In fact, according to media reports, most Argentines also buy stablecoins linked to the US dollar, such as dai (DAI), USD coins (USDC) and tethers (USDT).
As the number of users from Argentina continues to soar, exchanges like Ripio have praised such growth. Its director Juan José Méndez commented on the matter:
The pandemic has accelerated the adoption of encryption platforms. Today, we have 1 million users in Argentina, and by the beginning of 2020, we have 400,000 users, and this number is growing month by month.
Ethereum’s interest is also rising
The report also emphasized that due to the purchase limit imposed by the U.S. dollar in Argentina, Argentina’s stablecoin preference began to grow in 2019.
Users believe that such tokens are a more effective way to convert their legal Argentine pesos into U.S. dollars by supporting such digital assets.
But BTC is not a major cryptocurrency, and its interest in Argentina has increased. Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, an Argentine crypto wallet, pointed out that Ethereum (ETH) has a certain share of adoption data:
“Stablecoins are an ideal gateway because they are not affected by market fluctuations. This provides users with security. In turn, they are already the first step towards switching to other currencies, and we have noticed that more and more bitcoins Coin and Ethereum are also positioned as two cryptocurrencies that protect value, not just their investment possibilities.
In South American countries/regions, there are 20 legally operating cryptocurrency exchanges, where people can use their Argentine peso fiat currency to obtain digital assets.
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