Four Stories From Argentina, Where Bitcoin And Crypto Rule The Land

In Argentina today, inflation is no joke and prices change every day. That means it’s fertile ground for Bitcoin and cryptocurrency adoption. “Central banks have repeatedly warned about the risks of investing in volatile digital currencies, and some adopters are taking it cautiously,” Reuters says. Once in the blue moon, mainstream media coverage of Bitcoin and cryptocurrencies was relatively positive, and Argentina inspired one of the rare articles.

According to Reuters, “Argentina’s cryptocurrency penetration rate is 12%, about double the level of Mexico and Brazil.” The reason may be that the peso “has depreciated 14% against the dollar this year” and “the annual inflation rate in April rose to 58%, maybe as high as 70% this year.” Not only that, Argentina is also subject to “capital controls, with a monthly foreign exchange rate of $200”. Therefore, there is a huge incentive to seek refuge in Bitcoin and stablecoins.

From Argentina: Cafe owner

In the port of Buenos Aires in Puerto Madero, Crypstation Café recently opened. The screen shows “real-time cryptocurrency quotes” and they accept bitcoin and cryptocurrencies. Reuters quotes one of the founders of Crypstation, Mauro Liberman:

“The local environment is pushing people to protect their capital in cryptocurrencies, so we’re seeing growth accelerating. Across Latin America, the growth potential is huge. It’s an unstoppable avalanche.”

From Argentina: IT Specialist

Another interviewee was Victor Levrero, “an IT specialist in the province of Buenos Aires,” who “converted extra savings every month after using up his $200 quota to convert pesos into dollars. Invest in stablecoins and bitcoin.” He told Reuters he didn’t even bother about the banks anymore:

“Basically, it’s because I lose less. Inflation in Argentina is between 60-70% and fixed term payments of 30-35%, it just doesn’t work.”

BTCUSD Price Chart for September 20, 2022 - TradingView

BTC price chart for 09/20/2022 on Bitstamp | Source: BTC/USD on

From Argentina: Self-employed computer technician

Despite his career in computing, Marcelo Vila has only “minor investments in Bitcoin and Ethereum.” He is treading carefully because all newcomers should:

“The idea is to expand the percentage of money invested in cryptocurrencies. But I can’t invest a lot of money until I understand the crypto market.”

From Argentina: Home Miners

The fourth subject is Sebastian Carsorio, who comes from an impoverished community “seeking to escape poverty using a home-made cryptocurrency mine, assembled from computer parts recycled from his work. made.” Touching.

“I fix these things and put them in the computer,” he told Reuters from home, showing the progress of the mining on his screen. He started with Ethereum, then Bitcoin – which allowed him to buy some land and go back to school.

“I’ll keep mining because it’s a great way to save,” Casorio said, explaining that he’s better than the peso exchange rate he gets on the street. “Mining has saved me many times when money is tight.”

How many Argentines can say something like that? Bitcoin and cryptocurrencies are taking their place in the country because people need them.This Agreement between the Government and FMI Specifically asking them to stop the Bitcoin industry in Argentina can only do so much. People need shelter, and cryptocurrencies provide it, it’s that simple.

In the latest news reflecting crypto adoption, Bitfarms recently announced their Brand new bitcoin farm in Argentina. For their part, the government Mendoza wine region announced They will accept taxes paid in cryptocurrency.

Featured Image by Pexels from Pixabay | Charts by TradingView

After the merger, Ethereum miners

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