The Coronavirus pandemic, the economic crisis pandemic, and the uncertainty pandemic become normal in the lives of Argentines. In the past week, the Blue Dollar has taken off like never before. How much did the Bitcoin Dollar close today?
The Coronavirus has already infected more than 3,600 people in Argentina, while the number of deceased is approaching 180, and the quarantine seems to have no end.
Everyone on pause, but nothing stops
As we have repeated countless times since world confinement began, we are all, or should be, inside our homes is a kind of pause.
But, this has not caused the economies to stop, or the problems to disappear, but rather the opposite. Everything seems to be worse, not only in Argentina, but worldwide.
Oil prices (WTI) reached negative values for the first time in human history, there are already more than 20 million unemployed people in the United States alone, we are heading for the worst world economic crisis in recent history.
The number of infected is rapidly approaching 3 million people. Meanwhile, billions of dollars are injected every day, created without any type of support to rescue the world’s largest companies, while small companies gradually disappear.
The worst time for Argentina
As expected, Argentina is not a separate case. On the contrary, the Coronavirus pandemic could not have found a worse time for the country of Tierra de Fuego.
For those who are not aware, Argentina is experiencing today one of its most difficult moments in recent years. An over-indebted country internationally and without the ability to pay its debts, extremely polarized, with tremendous distrust on the part of the public and investors, in addition to increasingly powerful inflation.
And right in the middle of all these situations, he has been struck by quarantine and the Coronavirus. It certainly looks like a never ending horror movie.
The Blue Dollar does not stop
In the midst of the economic crisis in Argentina, and with the change of rudder over economic policy, the Argentine government reinstated the strict regulations on the acquisition of foreign currency, such as the Dollar, by the Argentines.
This has generated that the Dollar is a scarce good and, therefore, expensive. Well, it is one of the best ways for the population to protect their savings and the value of work. For this reason, the government has set a limit of $ 200 per Argentine, with an extra 30% tax if purchased with an international debit card, or purchased for personal gain.
As expected, and as is the law in humanity, every market that they regulate against consumers, like this case, immediately sees a black market emerge. This is the case of the Blue Dollar, which is used by those who need to purchase more than $ 200.
This, has been traveling between 118 pesos and 120 pesos per Dollar. Does this push the Argentine population to acquire BTC?
How much did the Bitcoin Dollar close today?
In response to everything we mentioned above, and much more, Argentines are turning increasingly towards cryptocurrencies and cryptoverse, especially Bitcoin (BTC).
The Dollar / Bitcoin index emerges in Argentina as a natural response to the restrictions, placed by the different governments on duty for the sale and purchase of the US Dollar. Which is the main refuge for many Argentines who do not want to see their savings reduced over time.
The price of Bitcoin (BTC) in two of the main Argentine crypto exchanges is 858,945 pesos for the purchase in Ripio and 865,337 pesos in SatoshiTango.
Which means that in Argentina the Bitcoin Dollar price closed around $ 12,800 and $ 12,900 at the official exchange rate.
Meanwhile, on traditional crypto exchanges, the value of each BTC is around $ 7,500.
This generates that the value of the Dollar / Bitcoin index is currently located at $ 114.5 and $ 115.4 respectively on these important crypto exchanges.
If we compare it with the value of the Blue Dollar which is hovering around 120 pesos. We can find that Bitcoin seems to be a good option if you need more than $ 200, or you want to escape the tight control imposed by the governments in office.