Argentina Relies On Bitcoin For Saving In Economic Crisis

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Argentina (Courtesy: Twitter)
Argentina (Courtesy: Twitter)

A survey of Argentina’s citizens shows that 73% believe cryptocurrency is the most effective saving method in the current economic crisis, such as to hedge against high inflation.

Global peer-to-peer (P2P) bitcoin marketplace Paxful released the results of a cryptocurrency survey in Argentina on Friday. “Argentina’s sentiment on cryptocurrency remains strong with citizens turning to digital assets as a way to hedge against inflation,” Paxful described. “Argentines are willing to venture into new forms of investment due to the need to protect the value of their financial savings. This comes as a result of the economic crisis going on in the country.” Citing the survey results, the company says:

It revealed that 73.4% of participants considered that, in the current economic scenario, cryptocurrencies are the most effective way to save and protect their funds.

The survey was conducted by Cripto 247 on behalf of Paxful in June. A total of 1,113 Argentine citizens between the ages of 18 and over 55 participated, 85.6% of whom were male, Paxful told news.Bitcoin.com.

Out of all respondents, 69.5% said they had invested at least once in cryptocurrency, with the main reason being its ability “to provide an economic shelter from the depreciation of the local currency due to inflation (42.7%).” Furthermore, 67.8% of those surveyed believe that “cryptocurrency investments are extremely safe” compared to their local currency.