Argentina’s inflation rate has reached alarming levels, driving a surge in Bitcoin transactions as citizens seek stability in the volatile economy. According to data from local crypto exchange Lemon Cash, Bitcoin purchases in Argentina have seen a significant increase, nearing their highest weekly value in nearly two years.

The spike in Bitcoin transactions coincides with President Javier Milei’s implementation of economic policies aimed at jumpstarting the country’s struggling economy. With an annual inflation rate of 276%, Argentines are turning to Bitcoin as a hedge against the devaluation of the local currency.

Lemon Cash reported nearly 35,000 Bitcoin purchases in the week ending Mar. 10, doubling the previous year’s weekly average. Similar trends are observed on other exchanges in Argentina, with the country leading Latin America in raw crypto transaction volume.

As Bitcoin gains popularity as an alternative investment, Argentines are diversifying their portfolios to protect against inflation. However, the growing interest in cryptocurrencies has also led to an increase in scam activity. Bitcoin Argentina has reported a fivefold rise in crypto-related scams in February, highlighting the importance of caution and due diligence when investing in the volatile crypto market.

For more insights on the impact of cryptocurrencies on Argentina’s economy, stay updated with the latest news on Global Crypto News.

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