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Bitcoin Argentina (Courtesy: News.Bitcoin.Com)
Bitcoin News

Bitcoin Trading Grows In Argentina, Brazil As Local Currency Weakens

Bitcoin Argentina (Courtesy: News.Bitcoin.Com)
Bitcoin Argentina (Courtesy: News.Bitcoin.Com)

Bitcoin trading has seen a surge in countries like Argentina and Brazil as the value of their respective local currency weakens. According to a report from Arcane Research, Bitcoin has broken its all-time high vs Argentine Peso, Turkish Lira and Brazilian Real.

In the last two months or so, Bitcoin has just broken price records in Argentina, Brazil, and Turkey. A few week ago former Brazil finance minister had defended the stand taken by Bolsanaro against the environmental situation.

Meanwhile, the government of Argentina had said that its unsure if it can pay the creditors back. Argentina is now expected to focus on renegotiating the repayments of its US$44-billion loan from the International Monetary Fund, as well as other multi-billion dollar debts.

“It takes the pressure off, but it’s not enough,” said economist Mariana Dal Poggetto, director of the EcoGo consultancy firm.

The bonds related to Tuesday’s agreement, issued under foreign legislation, represent roughly a fifth of Argentina’s US$324-billion debt, which amounts to around 90 percent of its GDP.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.