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Author Topic: 2013-05-14 Bloomberg: Argentina: BMWs Gaining Bitcoin-Like Appeal as CPI Hedge  (Read 677 times)
n8rwJeTt8TrrLKPa55eU
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May 14, 2013, 03:46:08 PM
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Argentines are buying cars, gold and even virtual currency such as bitcoin as they look for ways to preserve their savings as the peso is forecast to fall 17 percent this year.

http://www.bloomberg.com/news/2013-05-14/bmws-gaining-bitcoin-like-appeal-as-cpi-hedge-argentina-credit.html
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TraderTimm
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May 14, 2013, 05:44:48 PM
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Nice, not only is Bitcoin a currency - but it has surpassed the resale performance of a luxury german automobile.

fortitudinem multis - catenum regit omnia
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May 14, 2013, 06:18:30 PM
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Mini Cooper sales rose 54 percent in January to April from a year earlier. A Mini Coupe costs 194,000 pesos, or $37,072 at the official rate of 5.2380 per dollar. It costs $19,400 at the parallel rate at 10 pesos per dollar, cutting the price in half for Argentines who have savings in dollars and go to the black market to sell them for pesos. The same model in the U.S. costs $22,150.


Hilarious. Someone is effectively subsidizing the purchasing of cars in Argentina. Sounds like it's the government, in a vain attempt to keep the official exchange rate lower than what the market wants.
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May 14, 2013, 06:44:27 PM
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Interesting, they have to go to the black market to buy their own currency with USD?

How/why does that work?

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May 14, 2013, 06:45:53 PM
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nowhere is it mentioned how much of it is borrowed money.
n8rwJeTt8TrrLKPa55eU
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May 14, 2013, 07:59:48 PM
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nowhere is it mentioned how much of it is borrowed money.

My understanding is that in Argentina there is basically no credit market due to inflation problems, hence all large transactions are cash-only, including cars & real estate.  Perfect market for Bitcoin to enter as a cash substitute.
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