In Argentina, where inflation is hovering around 276%, citizens are now choosing Bitcoin (BTC) over the dollar.
Struggling with inflation, the local crypto exchange Lemon in Argentina saw Bitcoin purchase volumes approaching their highest levels in the past 20 months. Lemon registered 35 thousand customer accounts in the week ending on March 10.
This indicates that Argentinian citizens are now choosing Bitcoin over the dollar to protect themselves from the inflation of their local fiat currency, the peso.
Recently, while the Argentine Peso strengthened, the weakening of the dollar was not enough to protect citizens from inflation. Therefore, Argentinians turned to Bitcoin to protect their money due to the rise in Bitcoin.
This move by citizens indicates a change in the strategy of accumulating dollars in countries with inflation. Today, people are not hesitant to invest in riskier products that may appreciate more, taking into account the inflation of the dollar.
Argentine President Javier Milei is implementing harsh policies to fix the economy in the country and trying to escape from one of the highest inflations in the world.
