Bitcoin Global News (BGN)
February 26, 2019 -- ADVFN Crypto NewsWire -- Bitex just might
emerge as one of the world’s top crypto exchanges if the chips fall
in the right place for them. While most crypto investors outside of
Argentina and South America may not know of Bitex at all, they
arguably should.
Over the course of the past year,
leading up to now, we have experienced one of the most powerful
bear markets in crypto’s short, yet eventful history.
Interestingly enough, one country seems to be particularly beating
the market during these tough times.
Before anyone jumps to conclusions
here, no, it is not Venezuela, though they also seem to fit into
the same mold. Argentina, is the country in question, because of
reports that even amidst some of the crypto market’s worst times
like the final quarter of last year, Bitcoin trading was
soaring.
CoinDesk stated in an article today
that last December, the Argentinian version of LocalBitcoins
reached its’ all-time high in weekly transaction volume to the tune
of 9.4 million Argentinian pesos. While such news is almost
identical to a report from Venezuela in November of 2018, one two
factors make the Argentinian situation different.
First, due to their extreme
political and overall living situation, Venezuelans are flocking to
Argentina, in need to trustworthy services to exchange their
currency for something that can be used in their new country.
Because the Venezuelan currency is nearly worthless at this point,
it is reasonable to expect that in most cases, this means
exchanging Bitcoins for Argentine pesos.
Reportedly, this demand, in
connection with the unstable status of the Argentine peso, has
caused a long-term period of powerful growth in crypto-related
startups and services to persist in the country. On top of this,
CoinDesk reported that Bitex, which is one of Argentina’s most
successful crypto exchanges, will be offering institutional crypto
custody services in March. Finally, Bitex has already helped settle
a major agriculturally related transaction between the Argentine
and Paraguayan governments in Bitcoin, indicating a
relatively high level of trust in its’ services from regulatory
agencies.
Perhaps, given all of this, South
America will soon have its’ own crypto titan, which ends up
challenging Coinbase and Binance globally.
By: BGN Editorial Staff