Bitcoin Adoption Soars in Argentina with ByBit Card Launch

Argentina has significantly embraced Bitcoin adoption, marked by the launch of the ByBit card. The country leads the Western Hemisphere in crypto acceptance, driven by an alarming 276% annual inflation rate. According to Forbes, Bitcoin and other cryptocurrencies are more prevalent in Argentina than in any other regional country, with 2.5 million out of 130 million global visitors to top exchanges coming from Argentina. In December 2023, Argentina made Bitcoin legal tender, following El Salvador’s example.
The election of Javier Milei in December has further boosted Argentina’s affinity for Bitcoin, making it a crucial market for Binance, which receives 6.9% of its web traffic from the country. Argentine crypto investors also show a unique preference for US dollar-backed stablecoins like USDT, aiming for dollar stability. Maximiliano Hin, Head of Latin America at Bitget, highlighted this distinctive market behavior.