18 Jul '13, 10am

Bitcoin Downloads Surge in Argentina Where there is panic, there is bitcoin. The Red Cross of currenc…

Bitcoin Downloads Surge in Argentina Where there is panic, there is bitcoin. The Red Cross of currenc…

The price for bitcoin may have plunged from its very bubble-like peak in April, but there’s one country whose citizens are still scrambling for the digital currency: Argentina. That’s perhaps not a surprise: with capital controls limiting access to dollars, inflation estimated at over 20%, a burgeoning black market and a long history of currency crises, many Argentines are losing trust in the Argentine peso as a store of wealth. Since early June, Argentina’s share of global bitcoin software downloads has more than doubled, to 2.97%, from 1.12%, as the country edges towards what Barclays called “a balance-of-payments crisis, in slow motion.” With employment declining, Barclays predicts that authorities will likely accelerate the pace at which they’re depreciating the peso. A weaker peso degrades the value of peso-denominated assets. Argentina restricts the flow of money in ...

Full article: http://blogs.wsj.com/moneybeat/2013/07/17/bitcoin-downloa...

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#bitcoin

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