Bitcoin Adoption in Argentina Overtakes El Salvador’s
Despite the fact that El Salvador was the first nation in Latin America to recognize Bitcoin as a viable form of payment, Argentina is the regional leader when it comes to the speed of cryptocurrency adoption, according to Ark Invest analyst David Puell.
He noted, however, that El Salvadorans are largely unaware of BTC, and lack the technical skills necessary to exploit digital currency.
Transactions primarily occur with foreign tourists and those living in the larger Salvadoran cities where suitable infrastructure is present.
In contrast, Argentina has seen a higher uptake of Bitcoin full stop, despite a lack of crypto regulation.
As the country’s inflation rate has risen to a record of 147% in 2020, citizens are searching for alternative assets with which to preserve their wealth, and aside from the US Dollar, Bitcoin is one of the most popular options.
This is why local exchanges experienced a spike in BTC prices.
