ByBit Launches New Card in Argentina Amid Crypto Boom
09.07.2024 23:00 1 min. read Alexander Stefanov
Argentina, known for its burgeoning crypto market, has embraced Bitcoin adoption with the launch of the ByBit card.
The country leads the Western Hemisphere in crypto acceptance, driven by a staggering 276% annual inflation rate, as Forbes highlights.
Bitcoin and other cryptocurrencies are more prevalent in Argentina than anywhere else in the region, with 2.5 million out of 130 million global visitors to top exchanges originating from the country, per SimilarWeb. In December 2023, Argentina made Bitcoin a legal tender, following in the footsteps of El Salvador.
Since Javier Milei’s election in December, Argentina’s affinity for Bitcoin has surged, making it a key market for Binance, accounting for 6.9% of total web traffic to the exchange, SimilarWeb notes.
A distinctive trait of Argentine crypto investors is their preference for US dollar-backed stablecoins, such as USDT. Maximiliano Hin, Head of Latin America at Bitget, noted this unique market behavior, highlighting the country’s focus on dollar stability.
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