Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin (BTC) Trading Volume Soars Over 50% in Argentina, Sets New All-Time High in Venezuela

by Daily Hodl Staff
December 29, 2019
in Bitcoin

The demand for Bitcoin is soaring in Argentina on the peer-to-peer trading platform LocalBitcoins.

The peso’s ongoing plunge continues to wipe out life savings with the national currency now down another 37% against the US dollar in 2019, after losing half of its value in 2018.

The central bank’s efforts to stabilize the peso by imposing strict capital controls and restrictions on foreign currency transactions are contributing to a record-breaking increase in weekly Bitcoin trading. According to data compiled by Coin.dance, BTC volume is up over 50% from 21.5 million to 32.6 million for the week ending December 21st, setting a new record.

Source: Coin.dance

Argentina’s central bank rolled out a fresh round of currency controls in September to stop the country’s debt crisis. On November 1st, it imposed a ban prohibiting consumers from buying Bitcoin and other cryptocurrencies using credit cards. While the policy was intended to slow the outflow of capital to BTC, it has had the opposite effect.

Andrés Oppenheimer, editor and syndicated foreign affairs columnist with The Miami Herald, suggests Argentina and Venezuela should base their economies on the US dollar.

He says he’s discussed Argentina’s economic turmoil with former economy minister Domingo Cavallo, who famously tied the Argentine peso to the US dollar between 1991 and 2001. Now a visiting professor at Harvard, Cavallo recommends that Argentina adopt a dual-currency system, allowing people to save both in local currency and US dollars.

“He calls it a ‘bi-monetary’ economy.”

Adds Oppenheimer,

“Venezuela and Argentina may need to adopt the U.S. dollar, or a dual or multicurrency system, as politically incorrect as that may sound. Otherwise, unless they take drastic steps to reduce public spending, they will keep re-arranging the deck seats on the Titanic.”

While government officials try to remedy runaway economies plagued by hyperinflation and devalued currencies, Coin.dance reports that Argentina was not the only South American country to post record Bitcoin trading volumes. The weekly BTC volume on LocalBitcoins in Venezuela, up more than 18%, reached a new all-time high as well.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Lena Serditova

Submit a Press Release

Industry Announcements

  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
  • Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network
    August 2, 2022
  • Serenity Shield and Digital Insights Announce Strategic Partnership
    August 2, 2022
  • Crypto Platform Phemex Becomes Partner of Université Paris Dauphine – PSL To Support Research on DeFi and Cryptocurrency
    August 1, 2022
  • Open Loot Announces Partnership With Hit Factor’s War Park
    August 1, 2022
  • Post Voyager Partners With Ozys, Announces Plans for Multi-Chain Expansion
    July 29, 2022
  • First Decentralized Data Warehouse Space and Time Raises $10 Million Seed Round Led by Framework Ventures
    July 28, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,298.24
$23,298.24
0.47%
Ethereum
$1,714.48
$1,714.48
0.01%
Cardano
$0.533979
$0.533979
2.77%
XRP
$0.375533
$0.375533
0.18%
Dogecoin
$0.069554
$0.069554
0.25%

Spotlight

  • Cardano’s Vasil Hard Fork Delayed for Several More Weeks As ADA Sees Green Week
    July 31, 2022
  • Institutions Turned Bullish on Crypto in July with 2022’s Strongest Inflows of $474,000,000: CoinShares
    August 3, 2022
  • US Conservative Political Organization Makes the Case Against CBDCs, Praises Bitcoin and Private Stablecoins
    August 5, 2022
  • Social Token Platform Socios.com Inks $100,000,000 Deal With Famous Soccer Team FC Barcelona
    August 1, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl