In Argentina, where the inflation rate is as high as 276%, ordinary people are buying Bitcoin to combat inflation

According to Golden Finance, in Argentina where the inflation rate is as high as 276%, ordinary people are buying Bitcoin to combat inflation instead of rushing to exchange pesos for dollars. Argentina is one of the countries with the highest usage rate of cryptocurrency globally, and the weekly Bitcoin purchase volume at local cryptocurrency exchange Lemon is close to its highest level in nearly 20 months. In the week ending March 10th, Lemon recorded nearly 35,000 customer transactions purchasing Bitcoin, which was twice last year's average weekly level. As Argentine President Milei implements shock therapy policies aimed at reviving the economy, Argentines are trying every means possible to survive economic recession and one of the world's highest inflation rates. Manuel Beaudroit, CEO of digital wallet Belo stated that so far, trading volumes for Bitcoin and Ethereum have increased tenfold compared with same period last year. With Bitcoin's rebound attracting more buyers, purchases of stablecoins usually pegged to currencies like dollar have dropped from 70% down to 60%.