Bitcoin (BTC)’s usage in Argentina may not be connected with a desire to buy fiats like the United States dollar, says an industry expert, who says that Argentinians could well have more nuanced reasons for snapping up vast quantities of the world’s favorite cryptocurrency in recent weeks.
As reported last month, after trading volumes rose on peer-to-peer (P2P) platform LocalBitcoins, Open Money Initiative contributor Matt Ahlborg claimed that for most Venezuelans, bitcoin was being used as a “gateway,” and is primarily traded by the nation’s large ethnic Chinese community.
But Ahlborg says that although Argentina has also seen elevated BTC trading volume on LocalBitcoins, dollar dreams are not inspiring the nation’s most recent bitcoin rush.
In a blog post, Ahlborg opines that while Venezuelans “typically purchase bitcoin with bolivars in order to immediately turn around and trade them away for dollars held in offshore accounts,” this is not the case in Argentina. He writes,