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Argentina Bitcoin Adoption Jumps in Recent Months – Report

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Argentina Bitcoin Adoption CFK

Argentina Leads Top 50 Countries in Increase of Bitcoin Adoption

According to a report by The Genesis Block, adoption of Bitcoin in Argentina has jumped in recent months.

The chart below shows the change in rate of Bitcoin downloaded (month to date in July), highlighting that Argentina is the only country that increased in Bitcoin adoption month-over-month.

Argentina Bitcoin Adoption

The Genesis Block shares this explanation for the change in Argentina.

In a story familiar to any bitcoin enthusiast, the digital currency is being sought after for two key reasons: debasement of national fiat and increasing capital controls. Inflation has been a significant problem for Argentina for years, but has come to the forefront after a series of public events highlighted just how bad the problem had become.

In March, economists from an opposition party to the reigning President Cristina Kirchner estimated inflation to be roughly 24%, more than double the government estimate of of just over 10%. Those economists were given fines of 500,000 pesos each, equivalent to nearly $100,000. The fines were overturned in May by the countries courts, sending an embarrassing blow to President Kirchner.

Argentinan economists aren’t the only ones who don’t believe the government’s inflation data. In February, the International Monetary Fund censured the Argentine government for misreporting inflation statistics.


Read the full analysis at The Genesis Block.

CC image by Pablo Manriquez.

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