Why Argentina Is Embracing Cryptocurrency
Why is Argentina or any country embracing Bitcoin and cryptocurrency? Well, the system has been fixed from the start and people are not only waking up but things cannot continue as they unless something changes. Bitcoin fixes this.
In Argentina, there are traces everywhere of distrust and even trauma related to the economy.
For Jerónimo Ferrer, a formative memory is of Argentina’s crushing financial crisis at the end of the 1990 – when bank accounts were frozen and, almost overnight, people’s savings evaporated.
He’s not alone. One engineering student I spoke to keeps all his savings, in US dollars, at home because he fears that the banks will again devalue holdings overnight.
While many Argentinians are, by necessity, experts on the state of the economy – from the sky-high level of inflation to the current unofficial rate of exchange between the peso and the US dollar – Mr Ferrer has gone further than most.
Since 2019, he’s run a walking tour called “Our local crazy economy & Bitcoin tour of Buenos Aires”, where he explains to tourists the level of restrictions Argentines face, such as limits on foreign currency transactions, or bans on payments in instalments for international flights.
He also provides a primer on cryptocurrency, especially Bitcoin, and why he believes it is a valuable alternative to the volatile and highly-controlled Argentine peso.