The inflation in Argentina is expected to rise by more than 40% by the end of the year, and it seems like the growing demand for Bitcoin is what is making the latest Bitcoin news in the country. According to new reports, there are many plans for new Bitcoin ATMs spread throughout the country and a lot of cryptocurrency ATM firms expected to implement this initiative and prepare the Argentinians for a digital currency-led revolution.
Right now, there are only two working Bitcoin ATMs in Argentina – and both of them are located in Buenos Aires, the country’s capital. However, as Reuters reported, by the end of the year this figure could rise to 30 mostly because of the staggering rates of inflation.
According to the general operations manager of Athena Bitcoin which is the firm that launched Argentina’s first cryptocurrency ATM (last month), Dante Galeazzi, the loss in value of the Argentinian peso marks the growth of cryptocurrency transactions. As Galeazzi told Reuters:
“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market.”
Right now, the two ATMs that have already been installed by his company only support Bitcoin – but there are plans for their features to expand and include other altcoins such as Ethereum, Litecoin and Bitcoin Cash – in the near future.
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