Argentina has a high demand for Bitcoin, which makes it attractive to invest in. The country’s economic situation is also unpredictable and could see Argentina become the world’s first crypto-currency superpower. However, there are some concerns around this development.
Argentina is one of the top countries that invests in Bitcoin. The figure that makes more people invest in BTC is $3,500 USD.
What is the cost of living in Argentina? The number that encourages more individuals to invest in Bitcoin (BTC).
For a huge portion of the population, living in Argentina, like in other regions of Latin America, is a problem. Because few Argentines make more than the minimum salary required to live comfortably, young people are drawn to digital currencies such as bitcoin (BTC) as a means of saving or investing.
Argentina’s minimum salary will be ARS 38,940 starting in April 2022. This figure is defined as “the lowest remuneration that a worker without family responsibilities must receive in cash, in his legal working day, in order to ensure adequate food, decent housing, education, clothing, health care, transportation and recreation, vacations and pensions” according to the Labor Contract Law.
Is this sum, however, sufficient for all of this? Let’s have a look at the fundamental costs of living in Argentina. According to the most recent INDEC data, if the indigence threshold is crossed, the basic food basket costs ARS 12,108. A statistic that rises month after month due to rising product inflation.
The expense of housing must be added to this. According to ZonaProp, the average rent for a two-room apartment in the city of Buenos Aires is ARS 53,450. A number that is somewhat lower in the north of the GBA, at ARS 54,498, but much higher in the west and south, at ARS 37,093. It costs ARS 30,725 and ARS 26,005 in various cities around the nation, such as Rosario and Córdoba.
It should be noted that these figures represent the average rental statistics for the first quarter of 2022. It should be noted that this varies depending on the area and, of course, each month, owing to the 55.1 percent year-on-year rise in general inflation and 6.7 percent in the previous month in Argentina for him INDEC.
The average rental price in Puerto Madero, Palermo, Nuez, Recoleta, and the other neighborhoods on this list is ARS 53,450, which is more than the citywide average of ARS 53,450. ZonaProp is the source of this information.
Argentines make less money than they need to live comfortably.
According to the statistics gathered, Argentina’s minimum salary is insufficient to cover the cost of a basic food basket and the average rent for a two-room apartment. To meet these two costs, you’ll need a greater salary of ARS 65,558.
Between two minimum wage jobs, a couple might afford this. Even if they were to pool their resources, they would not be able to afford anything more, such as domestic services, transportation, clothes, health, education, leisure, and vacations.
“Well, but most individuals make more than the minimum wage,” one may argue. Regrettably, this is not the case. Argentina’s average monthly income per person is ARS 32,192, according to the most recent INDEC study released at the end of 2021. According to statistics gathered in Mercado Libre, this value is similar to the cost of a pair of shoes or a bicycle.
As if that weren’t enough, everything continues to climb, and many prices are excessive, causing Argentines to lose their sense of reference. According to Argy Finance, a BBQ for six people costs roughly ARS 12,000, which is the same as the standard monthly food basket. Because of the expensive expense, this Argentine tradition is being lost.
In Argentina, young people are interested in bitcoin as a way to deal with economic concerns.
Due to the tough reality of living independently in Argentina, young people frequently live with their parents in their own home, where they do not pay rent, or as a couple, if they have the option. As a result, some people may provide themselves the option to save or invest a portion of their earnings.
With Argentina, like in other Latin American nations, the only option to save is to switch to a “strong” currency. Because no asset is completely worthless, it is stated in quotations. However, some retain their worth better than others, such as weight, which devalues dramatically with time. The dollar and bitcoin, the most popular cryptocurrency, are two examples.
According to statistics from the Central Bank obtained by economist Nicolás Gadano, citizens in Argentina have more money than in the United States. This is because, despite the economic limits on purchasing it on the official market, Argentines prefer to keep their savings in this currency.
Argentines are also notable for purchasing bitcoin as a kind of savings or investment. Argentina, according to data explorer Chainalysis, is one of the top ten nations in the world for cryptocurrency adoption, coming in second behind Venezuela.
According to a research conducted by Americas Market Intelligence, at least 12% of Argentines purchased cryptocurrency before the year 2022 began. This number is progressively increasing as residents, particularly young ones, regard bitcoin as more lucrative than the dollar.
Not just because of the price increase over the last thirteen years, but also because of its ease of procurement and storage in the face of Argentina’s economic challenges and constraints. According to the LogitechGamingSoftware calculation, the blue dollar is worth about ARS 200 now, while a bitcoin is worth over USD 41,000.
The “who uses bitcoin the most” is a question that has been asked many times. The answer to this question depends on who you ask, but it is safe to say that Argentina is the country with the highest number of BTC users.
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