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Bitcoin in Argentina: growth of adoption with the ByBit card

Argentina is experiencing a significant acceleration in the adoption of Bitcoin thanks to the launch of the ByBit card. This innovative financial solution is changing the landscape of digital payments in the South American country. 

Let’s see all the details below. 

Impacts on Bitcoin adoption in Argentina: the ByBit card

As anticipated, Argentina, a country that thrives thanks to the expanding cryptocurrency market, has seen a significant increase in the adoption of Bitcoin with the official launch of the ByBit card. 

The nation continues to consolidate its position as a hub for digital assets. Forbes reveals that Argentina leads the Western Hemisphere in cryptocurrency adoption, fueled by an annual inflation rate of 276%.

The adoption of Bitcoin and other cryptocurrencies is higher in Argentina compared to any other part of the Western Hemisphere, according to a recent report.

In addition, SimilarWeb has found that 55 of the largest cryptocurrency exchanges in the world have totaled 130 million visitors, with as many as 2.5 million coming from Argentina.

In December 2023, Bitcoin was officially recognized as legal tender in Argentina, following the example of countries like El Salvador, which had adopted Bitcoin as legal tender in 2021.

With the election of Javier Milei in December, Argentina has further intensified its openness towards BTC.

This reception is reflected in the overwhelming wave of Bitcoin adoption in Argentina. The country has become one of the main markets for Binance, representing 6.9% of the total web traffic to the exchange, according to SimilarWeb.

Argentina and stablecoin: a unique approach 

A peculiar aspect of Argentine cryptocurrency investors is their interest in stablecoin backed by the US dollar. Maximiliano Hin, head of Latin America at Bitget, highlighted the unique approach of the citizens: 

“Argentina is an unusual market where many people buy USDT and do not leave room for much else. We do not see this phenomenon elsewhere. Argentinians buy Tether spot and do nothing with it.”

This is probably due to the strong focus of the country on the US dollar and the currency concerns that make a stablecoin a relevant and safe investment.

After becoming the second largest cryptocurrency exchange in the world, ByBit recently launched its card in Argentina. 

This debut represents a crucial moment to bridge the gap between daily financial needs and the digital asset market. Joan Han, director of sales and marketing of the exchange, stated: 

“The introduction of the ByBit card in Argentina represents an important milestone for both ByBit and the local community.”

Han ha emphasized that the “rapid growth” of the country has led to an increase in demand. The card offers users a “unique opportunity” to benefit from the growth of the sector and to enjoy the “convenience of daily expenses” using the new card.

Paraguay: le aziende di mining Bitcoin cercano rifugio in Argentina e Brasile

Paraguay risks seeing a large part of its Bitcoin mining industry dismantled due to recent changes in energy tariffs.

According to industry experts, the 14% increase in energy tariffs for Bitcoin mining operations is pushing many companies to reconsider their stay in the country. 

These companies are looking for alternatives in countries like Brazil and Argentina, where the conditions are more advantageous.

One of these initiatives is a joint venture between Argentine and Brazilian companies, which will move to the Zapala region in Argentina to take advantage of the energy incentives offered to businesses. 

The collaboration between “Zapala Mining” and “Patagonia 360” aims to use unconventional methods of energy exploitation in the Vaca Muerta oil field, one of the largest in Argentina.

The project aims to generate 200 MW by 2026, starting with 8 MW already next October. However, this is not the only initiative that plans to migrate to other countries due to the increase in energy tariffs in Paraguay.

Fernando Arriola, president of the Fintech Chamber of Paraguay, stated that several companies have already signed contracts to transfer their operations to Argentina. 

“About six of our partners have already secured contracts in Argentina, as energy prices are more affordable, ranging between 28 and 37 dollars.”

He also emphasized that the migration is imminent due to the current conditions in Paraguay and that only some difficulties in importing equipment for Bitcoin mining could delay it. 

“Beyond this, I see a migration from Paraguay to Argentina and Brazil in the next six months, without a doubt.” 

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.