Argentina had been going through a lot of economic hurdles even before the COVID-19 pandemic. The situation got even worse after imposing the extreme measures taken by the government of the country. Now a recent poll has revealed that Argentinian citizens believe cryptocurrency to be the most effective way of protecting their funds. In the survey, around 70% of the citizens admitted to have invested their funds in at least one digital asset.
Argentinian Citizens Looking for Options Outside Traditional Financial Space
In April 2020, it was recorded that the raw GDP of the country fell by around 26.4% as compared to the GDP during the same time in the previous year. Municipal Bank Foundation has revealed that there has been a reduction in the formal wages for every point that declines in the GDP. It is also revealed that the Argentinian citizens have been looking for options outside the traditional financial system.
73.4% of the citizens of the country who took part in the survey have said that “cryptocurrencies are the most effective way to save and protect their funds.” In this poll, it also came out that Argentinian citizens are also trying to move away from the local currency. The reason behind this is that the local currency of the country has lost 90% of the total value in the past five years.
Good Morning Bitcoinhedge Community
A survey of Argentina’s citizens shows that 73% believe cryptocurrency is the most effective saving method in the current economic crisis.
So what are you waiting for?
This is the best time to invest⌛️https://t.co/jIajA8cAEl
— BitcoinHedge (@hedge_bitcoin) September 2, 2020
Digital Assets Provide An Economical Shelter Against Depreciation
It is quite indicative from this poll that the Argentinian citizens are moving towards digital assets as around 70% of the people have invested their funds in digital assets. The reason behind this is digital assets provide an economical shelter against the depreciation that has been caused by the local currency. It was also recorded that since April 2020, there has been a significant increase in the amount of volume that is traded per week. In the last week only, Bitcoin worth $89 million were traded across the country.