Key Takeaways
- Bitcoin adoption in Argentina surges due to economic instability and inflation.
- Bybit introduces a new crypto card, enhancing Bitcoin's accessibility in Argentina.
- Increased Bitcoin usage highlights growing distrust in traditional financial systems.
Argentina Leads Western Hemisphere in Bitcoin Adoption
According to data from SimilarWeb, Argentina has emerged as a leader in Bitcoin adoption in the Western Hemisphere, with 2.5 million visitors to major exchanges coming from the country.
Forbes also reports that the nation's high annual inflation rate of 276% has contributed to the surge in Bitcoin adoption.
In December 2023, Bitcoin became an official legal currency in Argentina, following the example set by El Salvador in 2021.
Unique Trends in Argentina's Crypto Market
Argentina has become a top market for Binance, accounting for 6.9% of the exchange's total web traffic.
Argentinian crypto investors also uniquely focus on US dollar-backed stablecoins, particularly USDT, as a response to currency concerns.
Bitget's Head of Latin America, Maximiliano Hin, states that,
"Argentina is an anomalous market where many people buy USDT and don't leave room for much else."
ByBit Card Launches in Argentina
ByBit, now the world's second-largest crypto exchange, recently also launched its very own card in Argentina to bridge the gap between everyday financial needs and the digital asset market.
Joan Han, ByBit's director of sales and marketing, says,
"The introduction of the ByBit card to Argentina signifies an important milestone for both ByBit and the local community."
The ByBit card offers users the opportunity to benefit from industry growth while enjoying the convenience of everyday spending.
The launch of the Bybit card is expected to further boost Bitcoin's usability and acceptance in Argentina's economy.
