Argentines are choosing crypto over traditional assets for saving
The most recent survey shows that more than 73% of Argentines prefer to invest in crypto assets rather than traditional assets, and there's a good reason behind it.
As the financial situation in Argentina with the national currency Peso plunging rapidly has been worsening and the measures taken by the government to revive the economy have not been showing any tangible results, people are willing to tackle new forms of investment due to the need to protect the value of their financial savings.
The Paxful survey highlights the potential prospects of cryptocurrency use among Argentines. And the results revealed that the majority of respondents put their faith in cryptocurrency and believe it to be the most effective saving mechanism.
Out of a total of 1,113 surveyed, around 69.5% said they had invested in cryptocurrencies at least once to protect themselves from the unknown surrounding the depreciation of the local currency due to inflation.
However, with this survey, it was also discovered that there is still enough room for learning about the use of cryptocurrencies. Quite a large group of respondents (approx. 30.5%) stated to have not yet invested in digital currency due to a lack of understanding of its operation and applicability, as well as the lack of funds to invest, and the worry about a type of unknown new currency.
Magdiela Rivas, Paxful’s Latin America Manager, commented that: “We know that the crypto industry offers many opportunities that people still don’t know about. At Paxful we are working to educate citizens and show them that there is a new alternative to invest their money, which gives them financial freedom.”
Crypto operations in Argentina are rapidly increasing. In the past few months, crypto trading has seen a 37.5% percent boost in volume, which only confirms the nation's love for and trust in digital assets. The current ongoing pandemic is another reason behind the acceleration in cryptocurrency adoption in the country.