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The blue dollar died: what is the free currency that Argentine savers now choose
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Murió el dólar blue: cuál es la divisa libre que ahora eligen los ahorristas argentinos
Debido a la acelerada pérdida de valor del peso, los argentinos se vuelcan a un dólar libre que brinda ventajas notables sobre el tradicional dólar blue. De qué se trata.
www.cronista.com
March 08, 2024
Due to the accelerated loss of value of the peso, Argentines are turning to a free dollar that offers notable advantages over the traditional blue dollar. What is it about.
The rise in inflation and the decline in the value of the peso motivate Argentine citizens to explore options to preserve their purchasing power. In this sense, the blue dollar was traditionally a recurring choice. However, in the era of digitalization, an alternative emerges that continues to grow. This is the so-called crypto dollar , which today is an asset that is gaining acceptance due to several advantages over the "informal" bill that is operated in the caves.
Many savers consider that the crypto dollar surpasses the blue dollar in advantages . Among them, the convenience of acquiring them at any time through reliable digital platforms, legally , from your cell phone, and without the risk of receiving counterfeit or damaged dollar bills stands out. Furthermore, the price of the crypto dollar is frequently at similar levels to that of the blue dollar and the MEP dollar.
Argentines, increasingly attracted to the crypto dollar
Argentina is the country in Latin America where the crypto dollar is most purchased and hoarded , an investment modality that allows access to the US currency through digital assets fixedly linked to its price.This was revealed by a study by the Bitso exchange, which analyzed the behavior of its more than 8 million users during the second half of 2023.
According to Bitso, Argentines value security and stability over profitability and speculation when it comes to cryptocurrencies. Due to this, 60% of the operations carried out in the country correspond to stable currencies or " stablecoins ", which are crypto assets that maintain a parity with the dollar or other currencies. In contrast, Bitcoin, the most popular and volatile cryptocurrency on the market, represents only 13% of transactions.
Crypto dollar, the currency that today seduces Argentines more than the blue dollar.
Goodbye to the blue dollar: what currency do Argentines choose today
Similarly, a recent report from the Lemon platform indicated that 80% of cryptocurrency purchases in Argentina during 2023 were stablecoins or digital dollars . Likewise, it revealed that the crypto dollar most chosen by its users is USDT , also known as Tether. Other types of digital dollar that are heavily traded in the country are DAI and USDC ."Crypto has become an indispensable tool for those seeking to maintain their assets in cryptocurrencies to protect themselves against devaluation and cover their monthly expenses without the need to use multiple platforms or tools," they explained from the platform.
Bye to the blue: salary is used to buy crypto dollar
Returning to the Bitso analysis, this exchange reveals that Argentines usually convert their salaries into crypto dollars as soon as they receive them, as a strategy to preserve their value in the event of a possible devaluation. "We observed a 10% increase in trading volume in the first week of each month, with the digital dollar leading transactions. This pattern aligns with the salary payment date," commented Julián Colombo, General Director of Bitso Argentina .The inclination towards stablecoins is evident in the distribution of Argentines' crypto investments . Although Bitcoin predominates with 48%, the crypto dollar is positioned in second place with 26%, followed by Ethereum with 14%.
Argentina stands out from other Latin American countries in its crypto preference; here, the crypto dollar and stablecoins play a more prominent role and constitute 30% of crypto purchases in the second half of 2023. In contrast, in territories such as Mexico and Brazil, stablecoins barely represent less than 10% of the total, and Local currencies predominate in investments.
