The situation in Argentina worsens every time. Inflation has not dropped due to the corona virus and quarantine, nor has the price of the dollar. The Bitcoin dollar is approaching $ 130 from Halving.
Bitcoin dollar is approaching $ 130
The Bitcoin Dollar Index in Argentina is a natural and human response to the restrictions that governments impose on the sale and purchase of the US dollar.
This is the main accommodation for many Argentinians who don’t want their savings to be reduced over time. Thanks to inflation, currency devaluation and poor economic performance.
Today Bitcoin is well over a million pesos on the main crypto exchanges in the Republic of Argentina. Is in 1,177,506.92 Pesos in Ripio and 1,271,623.79 at SatoshiTango.
While Bitcoin is listed on international crypto exchanges such as Binance, it is quoted at around $ 9,750. With the official dollar price (70 pesos), we can see that the value of each Bitcoin in Argentina is around $ 18,166. This corresponds to an almost double difference between the price of the world’s first crypto and its value in Argentina.
The Bitcoin Dollar Index is calculated by dividing the price of BTC on national crypto exchanges in the national fiat currency. It is then divided by the BTC price in US dollars. This leads to the exchange rate (dollar price) at which the purchase or sale of cryptocurrency or better known as Bitcoin dollar can be accessed.
In this case, the Bitcoin dollar in Argentina results in: 130 pesos / dollar. While the blue dollar is 122 pesos. This shows that Argentinians are currently finding it cheaper to buy dollars on the parallel market than Bitcoin on crypto exchanges.
Bitcoin as an answer, but it’s still a long way
Argentinians are increasingly turning to cryptocurrencies and crypto verse. All thanks to an economic, political and social crisis that the land of Tierra del Fuego is experiencing. Hence the importance of the Bitcoin dollar.
Of all cryptocurrencies, Bitcoin was the favorite of the Argentines. All to protect yourself from the various negative effects that threaten every inhabitant of this country.
But as we can see, within a few hours of being cut in half, the price of the Bitcoin dollar is much higher than that of the blue dollar. As a result, it would be more convenient for an average Argentine to buy dollars on the black market than BTC on major crypto exchanges.
However, the dollar in cash does not allow entry into the international market. Well, with the bitcoin in the Argentine wallets, you can do whatever you want with them and go around the world without any censorship or control by the governments in power.
Do you think the price of the Bitcoin dollar will again be lower than that of the Blue Dollar? Or has this trend, which has been a reality for a few weeks, remained?