In the midst of the current coronavirus pandemic, Chileans and Argentines are showing greater interest. Figures reported in LocalBitcoins confirm that the main cryptocurrency on the market is seen as a haven of value given local and global economic uncertainties.
LocalBitcoins, the European P2P portal that is becoming increasingly popular in Latin America, is becoming increasingly important in the south of the continent. From Chile and Argentina, The numbers on the portal show an increasing acceptance of Bitcoin.
The Chilean reality
Chile in particular, a nation that went through a deep internal political crisis before the Coronavirus crisis, The currency has weakened against the dollar in recent months. Despite one of the strongest economies in the region, social claims have not left the Chilean government. This has affected the economy and, of course, the appreciation of the currency.
Given the loss in value of the weight, the data reproduced by LocalBitcoins indicate this Chileans are looking at Bitcoin for an option to protect their savings from increasing devaluation.
According to the Coin.Dance Review, the Chilean market for LocalBitcoins was more than braided in the first week of April 330 million Chilean pesos. A record number that has never been seen before It exceeds 294 million pesos mobilized in the first week of February, an amount that held the previous record.
As for the number of bitcoins traded, the number is 56 bitcoins were operated in the first 7 days of April. They don’t denote a large number compared to previous numbers in the southern market, but the truth is that The number is the highest in the past 6 months.
In order to understand a little more about what is happening in Chile, we spoke to Christopher Pereira, CEO at LatAmTech, Purplex Tech and director of the Blockchain Summit Latam and one of the main drivers of cryptocurrencies in the South American nation.
According to Pereira, the data that has been shown on LocalBitcoins in the past few weeks reflects greater acceptance of Bitcoin in Chile. He said that he had held various conversations with members of the crypto community in Chile, New people’s entry into the Bitcoin ecosystem has been reflected “”mainly for investment / protection reasons and also for transfer purposesHe mentioned.
The Chilean entrepreneur added that it is important to take into account that in Chile there is a “large community of Peruvians, Venezuelans and Colombians, the latter two are very active in crypto issues”, Explain the impact of these communities on the Chilean market.
As part of his final comments, he said that this was a good time for “show that there is an alternative to the traditional banking and financial system“And to show that people are actually increasingly convinced of it. Pereira concluded that this growth is “very motivating” and encourages the community to “continue working to publicize this alternative“”
Argentina and its inflation
As already mentioned, the Argentine economic situation offers unflattering prospects in the medium and long term. With the price of the dollar Overcome the psychological barrier of 100 pesosMany Argentinians have expressed concerns about what is happening in the economy.
The corona virus and quarantine have made the nation’s economic deficiencies in the south of the American continent even more apparent, which has a direct impact on Argentinean savings and property.
Beyond the obvious economic crisis that the Argentines are going through, Bitcoin has also been offered as an option to protect your savings and this is confirmed by various data.
Coin.Dance data reflect this with almost 47 million pesos sold in the second week of April and more than 44 million in the thirdThe trade in bitcoins in Argentina is also setting record numbers amid the current coronavirus pandemic.
The number of bitcoins traded in the same period (66 or 57 bitcoins) do not show the same upward trend as in the graph of weights mobilized in exchange. We had previously seen this situation in Venezuelan trade, where the constant devaluation of the currency It is normal for the number of Bolivar traded to increase without affecting the number of Bitcoins traded.
In addition to the same devaluation the peso is going through, The spirit of “El Corralito” is still present in the Argentine imagination. Bitcoin’s narrative and the fact of being an inapplicable asset that is not controlled by the authoritiesMany Argentinians consider its use as a refuge of value in the face of all eventualities.
The money in your bank account is NOT YOUR MONEY.
The Corralito event illustrates this perfectly.
In 2001, the Argentine government stole 75% of Argentina’s USD deposits to save the banks and the peso.
Are you ready to pay such a price to save your government?
– Ivan on Tech (@IvanOnTech) April 27, 2020
Do you use telegram? Join the Telegram trading community to get exclusive buy and sell signals for cryptocurrencies, educational content, discussions and project analysis!
Join the Cryptocurrency group on Facebook to comment on the latest news, share the best blockchain projects and trading signals, and win the market
Disclaimer of liability. Read moreRead less
As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend to present sufficient information to make a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.