Bitcoin Trading Spiked as President-Elect Announced New Cabinet in Argentina

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Harsha Puvvala
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.
Bitcoin Trading Spiked as President-Elect Announced New Cabinet in Argentina

  • Coin.Dance, the most popular monitoring site, reported surge in Bitcoin trading volume in Argentina.
  • The Bitcoin traded volume hit All time high in the First week of december as the new President-elect appointed.

According to one of the most popular monitoring resource Coin.Dance, the volume of bitcoins

traded has surged to a all-time high during the first week of December 2019 on the event of the new President-elect announced new cabinet.

By the recent reports in the past 7 days the spike of 22 million Argentinian Pesos worth bitcoins changed hands in the country, the previous records of 20 million was also recorded at the beginning of the month.

The overall number of bitcoins, however, decreased but the total volume is increasing consistently because of high inflation in the country.

This improvement shows the growth and adoption of crypto in both the country and other South American countries across the world .Bitcoin is one of the most sorted means of payment by most of the Latin American countries as they face dire economic situations that give these crypto currencies the opportunity to move freely and its adoption within the country.

Argentina’s new Presidency

As of now Argentina has seen better days when it comes to the political and economic situations of the country, but has seen some issues like increasing inflation rate, food crisis and protests against the international monetary fund.

 Argentinian citizens have elected Alberto Fernandez as the new president and the newly elected president has chosen the former president, Christina Fernandez de Kirchner, to be the new vice president of the country, he also named Martin Guzman as the economy minister, where both the moves are considered as new cabinet will pursue the Peronist agenda.

Martin Guzman is a well-known critic of the IMF and the involvement of IMF in  the country. He is the one who delayed the debt payments on capital and interest for two years by recommending a way to restore debt sustainability.

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