Bitcoin trading volume in Argentina has broken the all-time high record again at the start of December. It comes just after the new president-elect has chosen a new cabinet seeking the Peronist agenda and possibly going against IMF’s involvement in the country.
Bitcoin Trading Volume At ATH
According to the popular monitoring resource Coin.Dance, the volume of Bitcoin traded on LocalBitcoins, has surged to a new all-time high during the first week of December 2019. In the past seven days, upwards of 22 million Argentinian Pesos (ARS) worth of BTC changed hands in the country.
Interestingly enough, the notably high Bitcoin trading volume is not a one-time event. As can be seen in the chart above, the previous record of 20 million was spotted at the beginning of last month. Furthermore, the overall volume is increasing consistently. The number of BTC, however, is decreasing, because of the high inflation rate in the country.
However, Bitcoin’s acceptance is not restricted only to Argentina. As Cryptopotato reported this year, other Latin American countries, currently struggling with economic problems, are noting increased Bitcoin trading volumes.
New Presidency In Argentina
It’s safe to say that Argentina has seen better days when it comes down to the political and economic situation in the country.
Some of the issues include the increasing inflation rate, the recent food crisis, and protests against the involvement of the International Monetary Fund (IMF). Argentinian citizens appear to have spoken their will by electing Alberto Fernandez as the new president, who will be sworn-in tomorrow.
It’s also worth noting that Fernandez has chosen the former president, Christina Fernandez de Kirchner, to be the new vice-president of the country. Additionally, he has named Martin Guzman as an economy minister, and both moves are seen as the new cabinet will pursue the Peronist agenda.
Martin Guzman is a well-known critic of the International Monetary Fund and its involvement in the country. He has reportedly recommended a “possible path to restore debt sustainability” by delaying debt payments on capital and interest for two years.