Argentina is a country with a complicated economic situation, where the Argentine peso has been devalued a lot. In this context, the Bitcoin price has already exceeded one million pesos, and today a Bitcoin Lifestyle is enough to buy a new mid-range car. This is what Ámbito reported on June 10.
Bitcoin is the best known and most robust crypt currency, and its price is usually quoted in U.S. dollars. In Argentina, there are several quotes for the U.S. currency, but the so-called „blue dollar“ (the one quoted on the parallel market), is around 120 Argentine pesos.
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„Multiplying this by the price of Bitcoin, which today is around USD 9,700, we have a value of 1,164,000 Argentine pesos. Bitcoin also appreciated in dollars, but it becomes more significant in pesos because it is devaluing significantly at the same time,“ said the Ámbito article.
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„The growing demand for Bitcoin, which consequently raises its price in dollars at a global level, is also reflected in pesos. In Argentina, Bitcoin represents an investment and savings alternative without stocks, since there are no restrictions or limits for its purchase,“ added the publication.
It should be noted that in Argentina there are also strong restrictions on the purchase of foreign currency, which in that country is usually called „cepo“.
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As for the cars that could be bought, the publication detailed: „If you had a Bitcoin you could buy a 0km (in Argentina new cars are usually called this way) Volkswagen polo 1.6, a Peugeot 208 1.8 or a Renault Kangoo 1.6 zen last model and you would pay with the quotation at the moment of the purchase with this asset, since in Argentina it is regulated with this denomination“.
On the other hand, from Ámbito they also highlighted that people can be seen on social networks selling different types of goods, such as real estate, cars, electronic items, etc.