Argentina Inflation Crisis - Bitcoin and Crypto

in #bitcoin3 years ago


Argentina's central bank raises interest rates to 60% in a last ditch effort to stop hyperinflation from taking hold. This is simply the end of the Ponzi scheme that is fiat.

Turkey and Venezuela are also examples of countries where citizens are fleeing government currencies for bitcoin and cryptocurrencies

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I don't know where you found a one peso note. I have been here for almost twenty years and have never seen one.

Here are current one peso coins...

pesos.jpeg

They came out about five months ago.

60% interest rate? That’s ridiculous. I don’t believe they don’t have any debt. If they do, which I’m pretty sure yes, how do they possibly pay it off? It’s inevitable, the hyperinflation is clearly comming. If I had lived in Argentina, I would sell all I have in fiat to crypto. I’m in US and I don’t trust US dollar at all. Still have some, but it ends up the same way. It’s like a domino. Starting from Venezuela to other less emerging markets to everyone else. One day, there is going to be crypto panic buying. That’s when I start taking profits, or if it gets really bad, I can as well keep most of it in crypto, because where else can we safely invest our money.

Hyperinflation happened and will happen. It’s only matter of time when. Argentina is obviously broke, otherwise they would not have been able to raise its rates that much. Even US dollar won’t be a safe heaven anymore. According to renowned economist Marc Faber, hyperinflation in the U.S. is a certainty within the next 10 years. I do believe fiat cycle is at its end and crypto is slowly taking over.

So I see Argentina has a "central bank" too. Em hm. No wonder they have these big financial problems. Central banks = lower standard of living.

Argentina people needs to move to cryptos to save themselves. Simple as that

I live here in BsAs. I have had relentless calls and knocks on the door from people looking for any way to hand me pesos in the last couple days. I love the way you laugh at the situation, I do too. The smirks are not appreciated by the locals though.

I have been telling my regular coin buyers that they will be millionaires for over a year now. "Millions of pesos may not buy anything, but you will have access to a million in cash." I tell them.

See my post from yesterday. I could get $100 for 3,150.00 pesos three days ago. The same amount today costs me 4,150.00 pesos today.

Nice video - 100% up.

I live in the south Argentina. Another resident is @eosargentina.

Argentina already took out a world record loan of $50 billion from the IMF months ago... could this be the first of many dominoes to fall in the global economy? Potential black swan event????

This economy is really mess up. The fan is about to blow up.

I hope you never live in the flesh what is a hyperinflation, here in Venezuela we survive, fortunately some of us have cryptocurrencies.

This is probably just the tip of the ice berg.

IMF - "A bunch of paper artists" indeed. LOL!

This post has received a 42.48 % upvote from @booster thanks to: @investing.

Honestly speaking dont know if crypto can make it till the end coz i have seen alot of resistance to its existence ,i fear if it can survive..
But inside i hope that something drove it so far and it will continue to do so.....

Hi @investing, I think that cryptocurrencies will play an important role in a few years, but the fiat money will not disappear.

Argentina is struggling since the the sanctions were imposed, in my opinion.

the rise of interest in the USD is a huge problems for these countries - I think they will go for dollars not for bitcoin

Crypto lovers this is the time to hold the fiat is not gonna rule more

Speculative video, without any figure. Are Argentinians investing in gold, dollars or any other security? No data at all provided. presuming that crypto currencies will boost because a country has hyper inflation is not logic. The total capital in crypto currencies is growing https://coinmarketcap.com/charts/ but will this triggers massive adoption? I doubt so. There are still features to be improved as authentication, transaction speed or trust. There will not be a real financial crypto market until no exchange is done between cryptos and FIAT money. Adoption implies real usage, which means that daily purchases are done in crypto currencies (we still don't have that any project capable of that; we still miss infrastructure on off network areas; we might only see adoption with satellite global coverage) Adoption is a matter of years, but it will not be due to a fail economy. It will be due to improvements on the current developing industry (Nowadays you can't pay with crypto currencies, you need to first exchange to FIAT and pay exchange fees)

Speculative video, without any figure. Are Argentinians investing in gold, dollars or any other security? No data at all provided. presuming that crypto currencies will boost because a country has hyper inflation is not logic. The total capital in crypto currencies is growing https://coinmarketcap.com/charts/ but will this triggers massive adoption? I doubt so. There are still features to be improved as authentication, transaction speed or trust. There will not be a real financial crypto market until no exchange is done between cryptos and FIAT money. Adoption implies real usage, which means that daily purchases are done in crypto currencies (we still don't have that any project capable of that; we still miss infrastructure on off network areas; we might only see adoption with satellite global coverage) Adoption is a matter of years, but it will not be due to a fail economy. It will be due to improvements on the current developing industry (Nowadays you can't pay with crypto currencies, you need to first exchange to FIAT and pay exchange fees)