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