Key points
- Bitcoin has recorded new ATHs after breaking free from a long crypto winter period ahead of its scheduled completion of the halving process this April.
- Argentinians have been seeking to hold even more bitcoins recently with the coin registering record high demand since 2021.
Bitcoin keeps breaking records ahead of its April 2024 halving schedule. The coin has already broken its ATH prices in multiple currencies including the US dollar as its demand keeps rising. Now, a report from Bloomberg shows that the country’s demand for the coin is at a 20-month high.
Bitcoin continues to rally ahead of halving cycle
Bitcoin continues to make new records as its price rallies and demand keeps growing. Aside from BlackRock and MicroStrategy holding over 1% each of the coin’s maximum supply, retail investors are also waking up to the coin ahead of its April 2024 halving schedule.
Countries that invested in Bitcoin like El Salvador are already in profit while others continue to welcome the coin via different approaches like ETFs and setting up regulations. Bitcoin has long been seen as a hedge against inflation and devaluation of fiat currencies which stems from the coin’s original purpose.
In 2023, multiple fiat currencies lost over 50% of their values against the US dollar which has driven citizens of the affected countries to look for safer havens for their fortune. In Argentina, Bitcoin happens to be one of the options to hedge against inflation. The Argentinian Peso has plummeted fourfold YoY.
As a result, citizens of the country are trying to find ways to recover from the aftershocks of the market crash of the peso. According to .crypto exchange Lemon Cash data, about 35,000 customers invested in Bitcoin in the week ending March 10, a statistic double the weekly average recorded in 2023.
Other exchanges in the region like Ripio and Belo also showcase similar data.
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