This Country Earned $1.86 BILLION in Crypto Last Year

A little over 20 years ago, the Country of Argentina was collapsing. 2001 brought protests, looting, and the confiscation of bank deposits. The Country was experiencing its worst political and economical crisis. Those old enough at the time can remember vividly the largest default in history at $100 billion USD. Tension and distrust in the government ran high, where many Argentinians simply stopped believing their government could, or would, ever turn things around.

It's been a roller coaster to say the least, and while things have improved since 2001, some would argue it's still much of the same. Beginning in 2018, Argentina spent three straight years in a recession, with poverty reaching 2 in 5 people and unemployment in the double digits. Defaulting on a $57 billion loan from the IMF to private creditors certainly didn't help things. With high inflation and a deflating currency, locals began looking for answers. Retirement accounts lost value by the day to make matters worse.

In 2019, individual USD purchases were limited to $200 per month. With non-existent savings interest rates and inflation over 50%, many people looked to cryptocurrency which was less volatile and had no governmental control. With the realization that they didn't need a bank to store any extra money they might have, Bitcoin could become their de facto savings account, a store of value they could trust and believe in.

Bitcoin, Ethereum, Tether and Dai became the places Argentinians began putting aside any extra pesos they had. Not only did people start putting in a small amount of funds, "The number of user accounts for investing in 'cryptos' has multiplied by ten in Argentina since 2020," said Maximiliano Hinz, Binance Latin American director.

In 2021 Mercado Libre, the largest e-commerce site in Latin America, launched 75 homes for sale in Bitcoin. The listings include houses, condos, vacant lots, land and commercial real estate located in Buenos Aires, Santa Fe, and Cordoba.

Juan Manuel Carretero, Commercial Manager of Vehicles, Real Estate and Services stated, "We are always attentive to the changes that occur in the market. Bitcoin offers multiple advantages for real estate transactions, both for the buyer and for the seller. Today we launch the crypto section within Mercado Libre Inmuebles and in a few hours there are already 75 properties available. We expect many more as the days go by, because far from being a fad, we see that it is a trend that will be consolidated over time".

A little over 20 years ago, the Country of Argentina was collapsing. 2001 brought protests, looting, and the confiscation of bank deposits. The Country was experiencing its worst political and economical crisis. Those old enough at the time can remember vividly the largest default in history at $100 billion USD. Tension and distrust in the government ran high, where many Argentinians simply stopped believing their government could, or would, ever turn things around.

It's been a roller coaster to say the least, and while things have improved since 2001, some would argue it's still much of the same. Beginning in 2018, Argentina spent three straight years in a recession, with poverty reaching 2 in 5 people and unemployment in the double digits. Defaulting on a $57 billion loan from the IMF to private creditors certainly didn't help things. With high inflation and a deflating currency, locals began looking for answers. Retirement accounts lost value by the day to make matters worse.

In 2019, individual USD purchases were limited to $200 per month. With non-existent savings interest rates and inflation over 50%, many people looked to cryptocurrency which was less volatile and had no governmental control. With the realization that they didn't need a bank to store any extra money they might have, Bitcoin could become their de facto savings account, a store of value they could trust and believe in.

Bitcoin, Ethereum, Tether and Dai became the places Argentinians began putting aside any extra pesos they had. Not only did people start putting in a small amount of funds, "The number of user accounts for investing in 'cryptos' has multiplied by ten in Argentina since 2020," said Maximiliano Hinz, Binance Latin American director.

In 2021 Mercado Libre, the largest e-commerce site in Latin America, launched 75 homes for sale in Bitcoin. The listings include houses, condos, vacant lots, land and commercial real estate located in Buenos Aires, Santa Fe, and Cordoba.

Juan Manuel Carretero, Commercial Manager of Vehicles, Real Estate and Services stated, "We are always attentive to the changes that occur in the market. Bitcoin offers multiple advantages for real estate transactions, both for the buyer and for the seller. Today we launch the crypto section within Mercado Libre Inmuebles and in a few hours there are already 75 properties available. We expect many more as the days go by, because far from being a fad, we see that it is a trend that will be consolidated over time".