“Bitcoin is the hope for Argentina,” wrote Michael Saylor on Twitter.
And posted a picture that shows the official dollar-to-local peso exchange rate and the unofficial one, which is twice the official rate.
Saylor has regularly stated that traditional money in its current form is already dying. He cited recent U.S. bank failures and also mentioned the devaluation of the government currency in Argentina;
Earlier, the Central Bank of the Republic of Argentina (BCRA) announced that it is seeking to reduce the financial risks that digital asset transactions can create.
Now there is demand for bitcoin and other cryptocurrencies in Argentina – investors are trying to protect themselves against inflation and make profits. Against this backdrop, P2P transfers doubled in the fourth quarter of last year and reached a new record high. Argentina is the leader in cryptocurrency penetration in Latin America.
Argentina’s National Commission of Values (CNV) recently approved a bitcoin futures index as part of a strategic innovation program. The index will be the first such product in Latin America.