The trading volume of the largest cryptocurrency by market cap, Bitcoin, has just clinched a new record again in the month of December.

According to data extracted from Coin.dance, the trading volume of Bitcoin in Argentina broke its existing all-time $19 million. Bitcoin volume per trade made on LocalBitcoin surged to over $22 million in the first week of December, a number that has never been attained by the cryptocurrency in the past years.

In recent times, the volume of Bitcoin trade in the country has been on the increase, as it records new high. The significant change was noticed since July 2019. In the last 7 days, not less than 1.3 billion Argentinian Pesos (ARS) in Bitcoin was traded in the country.

The improvement shows the significant growth of crypto adoption in the country and other South American countries across the world.

Bitcoin is one of the most sorted after means of payment by most Latin American countries as they face dire economic situation owing to economic sanctions. This gives Bitcoin and some other cryptocurrencies the opportunity to roam easily within the countries.

The latest milestone was attained on the hill of an announcement that the new President of Argentina, Alberto Fernández, has selected his cabinet, offering some clues on economic policy.

Fernández seeks the Peronist agenda in his policy, selecting young academic, Martín Guzmán, as an economic minister.

The president-elect would be sworn-in on Tuesday for a new regime. There is hope that the new economy minister who is a strong critic of the International Monetary Fund will help the country out of recession and renegotiate its debts with international creditors and IMF which stays around circa $100bn.