Paxful: 74% of Argentines consider cryptocurrencies the best way to protect their savings

Paxful: 74% of Argentines consider cryptocurrencies the best way to protect their savings

According to an online survey by Paxful, 74% of Argentines believe that in the current political and economic conditions, cryptocurrencies are the best way to make long-term investments.

Commissioned by the p2p platform Paxful, the cryptocurrency website Cripto 247 conducted an online survey, which was attended by 1,113 Argentines aged 18 to 55. According to the results, 74% of respondents believe that in the current economic and political situation, crypto assets are the best option for protecting savings. At the same time, 68% of respondents say that investing in cryptocurrency is “extremely safe”.

Cripto 247 is a popular cryptocurrency site in Argentina, so the survey results are not surprising. However, although the majority of respondents consider crypto assets as a security solution, many of the respondents do not fully understand how cryptocurrencies work. 24% of respondents do not want to invest in cryptocurrencies due to lack of knowledge about the technology, and almost 8% said they are afraid of using an unknown currency.

At the same time, the use of cryptocurrencies by Argentines has increased dramatically since the beginning of the COVID-19 pandemic.

“During this year, we have seen a significant increase in operations performed by Argentine users on our platform, especially after the outbreak of the pandemic. We recorded an increase in trading operations by 37.5% compared to previous periods,” magdiela Rivas, Manager of Paxful’s Latin American business, said in a blog post.

This trend is not limited to the Paxful platform. Back in April, the analytical company Arcane Research reported that LocalBitcoins has become more popular to buy bitcoins for Argentine pesos due to a possible default in the country.

We also recall that in may, the financial intelligence unit of Argentina insisted
on tightening control over bitcoin trading as part of the fight against” parallel exchange markets ” that threaten the Argentine peso.