USD stablecoins are also possibly still being used, but they are being purchased through underground "crypto caves" to skirt currency controls.
I love reading the no-coiner cope in the zero hedge comments 🤣
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Argentina means land of silver
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Seeing the inflation of the Argentine currency, the dollar purchase limits they had, and the rise of Bitcoin, it does not surprise me that this is happening.
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Dollars and stable coin are popular in Argentina
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Makes sense. Have you visited? Do you have any boots on the ground information? It would be great to get a sense of what's really going on.
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Unfortunately I have not visited. I rely on information from the blogger, Devon.
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I could shed some light here :), I have some boots on the ground. The article is the classic pump and dump that all "crypto" wallets (lemon/belo) use and add to FOMO.
When the price of BTC skyrocket the "bitcoin demand" surge, but only to cashout to stable shitcoins at the first downturn. Almost 80% of the economy move in a "black" market, and the "caves" adopt USDC/USDT as an easy way to manage dollars.
At the beginning there was a good BTC community but most of it "turn" to shitcoinery when ETH and the "new" crypto assets bubble popout, all the meetups and events turn to this new shinning thing
I am aware only by this "core" BTC community that only talk about BTC https://lacrypta.ar/. The old gang seems to sell off, https://bitcoinargentina.org/ (bitcoin and cryptomonedas), https://agenda.labitconf.com/ (NFT talks/web3)
my2cent
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I would say 35,000 weekly purchases is a low number. Am I missing something here?
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Nope, just nonsense hype. That's less than 1/1000th of the population
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