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, its world famous beef barbecues cum social events. In fact, a poignant example of the country’s soaring inflation, which registered a cumulative 276% over the past 12 months, is that the diet of Argentines is changing. Demand for beef, the country’s main food staple, is falling as Argentines resort to less-expensive proteins like pork and chicken. With prices that some forecasters see rising as much as 600% this year, steak is off the table.
But now a new way of obtaining dollars has taken off: cryptocurrencies. In fact, Argentina’s crypto adoption is higher as a percentage of its global population than any other country in the Western hemisphere. Of 130 million visitors to 55 of the largest exchanges worldwide–a proxy for usage–2.5 million came from Argentina, aArgentines are not playing the meme coin lottery or trying to strike it rich with the next hot token.
in the world in May, none of the top five crypto providers in Argentina – Binance, eToro, BingX, HTX and Bitget – were included because of poor internal controls and lack of domestic regulatory oversight. Binance, which has by far the most visited exchange website in the year to March, received more traffic from Argentina than any other nation and does not even have a home-country regulator, let alone a local one.
It is difficult for ordinary Argentinians, or any other novice investors, to understand and appreciate these risks. Fernando Apud, an Argentine software engineer living in the country’s northern Tucuman province, recently evaluated sites like Cocos Capital, a local firm, and the much larger and sophisticated Binance.
While the weakened peso initially gave a boost to trade in the beginning of the century, the benefit withered after 2009 and Argentina has had only two years with a current account surplus since then, according to data from Bloomberg. Over the past 10 years, inflation-adjusted gross domestic product has averaged a 0.1% annual decline, with gains in only four years.
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