Bitcoin Popularity Soars in Argentina Due to Mass Inflation

[pushups44]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/

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[Ailmand]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/

Interesting, if ever Argentina would be the first country to make bitcoin as it's main currency. But, the question is will this really help solve the inflation. What will be the total effect of making bitcoin as their currency once the market crashes drastically (knowing that crypto market is volatile.)

[AntoineCjp]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/

They are 55th on the google trend :/ Do they use other search engine?

[okala]

Argentina economic crisis have been on the increase with they inflation rate rising above 50% it definitely time to look for a way out of this economic war and cryptocurrency is the alternative to the failed traditional currency in that nation.

[aad140386]

This trend is not only in Argentina, but also in Bolivia and many other countries that are in crisis at the moment. And the past few years, this trend has only intensified. And this despite the fact that cryptocurrencies have fallen dramatically in price in 2018. This confirms the fact that people in many countries of the world continue to believe in cryptocurrencies and see them as a perspective. It seems to me that the development of cryptocurrency strongly inhibits the actions of regulators from different countries and the uncertainty regarding the interaction of cryptocurrency with the existing financial system. As soon as there are clear rules of the game, big money will enter the market and we will see a new bull market.

[kissme09]

Why do people in this country choose Bitcoin as an alternative currency? But it is significant that this is excellent news as it is pushing people closer to Bitcoin. I think everyone in this country should choose USDT because of its stability and 's Stable coin.

[TravelMug]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/

Yep, I remember Tim Draper talking to the President and whispering that bitcoin should be treated as a local currency because their fiat has not value at all.

Anyways, it makes sense that people are going nuts on bitcoin either as hedge or just a means to survived.

It was also reported that bitcoin has been reaching records high in localbitcoins volume, indicative that Venezuelan's are turning into bitcoin as we speak.

[Herbert2020]

first of all when a country is hit with inflation majority of people don't look to bitcoin, and many who were aware of it are still not going to take the high risk of converting their fiat to bitcoin. there are lots of other options (simplest and most common one is gold) that they use. so you can't say "Argentinians are turning to bitcoin" in general and leave it at that.

secondly if they were doing that then price should have gone up with a big surge which clearly has not.

They are 55th on the google trend :/ Do they use other search engine?

Google trends do NOT indicate anything!!!

[dothebeats]

I remember Tim Draper encouraging the Argentinian president on accepting bitcoin and crypto-related institutions and services within the country to boos the economy of the nation. With the Peso continuing to slide further from an acceptable value, bitcoin seem to be a viable option for citizens to adopt and use within their daily transactions, just like what's happening in Venezuela right now. In cases like these, we can see how well bitcoin is useful since it can be used as a hedge on countries where economic instability remains rampant, and the national currency's value keeps on suffering for such events.

[Haunebu]

Countries like Argentina, Venezuela etc which are basically facing an economic crisis right now are already using Bitcoin as one of the primary forms of payment since quite sometime.

Why else do you think LocalBitcoins volume is 2nd highest in Venezuela? Adoption is rising with time and I am loving it.

[traderethereum]

So from that news, it is a good chance for bitcoin to enter that country and help to solve the problem and if that happens, then we will have one more country that accepting cryptocurrency. Soon, the other country will follow too because they see that bitcoin can help to solve the finances problem.
The government doesn't need to wait for the inflation comes to accepting bitcoin so they can be ready if the problem comes in anytime.
I would like to see what will happen in Argentina and if they are accepting bitcoin, then it will give fresh air to the cryptocurrency, and that means, the adoption process will be happening in everywhere.

[Gaff]

So from that news, it is a good chance for bitcoin to enter that country and help to solve the problem and if that happens, then we will have one more country that accepting cryptocurrency. Soon, the other country will follow too because they see that bitcoin can help to solve the finances problem.
The government doesn't need to wait for the inflation comes to accepting bitcoin so they can be ready if the problem comes in anytime.
I would like to see what will happen in Argentina and if they are accepting bitcoin, then it will give fresh air to the cryptocurrency, and that means, the adoption process will be happening in everywhere.

Hopefully this adoption will bring good outcome to neighboring countries of Argentina, and if the acceptance of bitcoin provides comfort to residents demand will increase. If the result is successful, then no one can stop the economy to become progressive. People were just waiting for good news to be heard, and when they find it commendable, possible incoming investments will begin right away. Popularity brings great future to bitcoin, and if Argentina was benefited through it I guess nothing's impossible with all countries around the world to divert with digital currency adoption.

[jademaxsuy]

Not only in argentina but also in other countries that are aware already that the community are doing already bitcoin but.not made any rejections as it is not also being regulated but the government had made an earnings with it due to the company that deduct transaction fee from its user.and pay to the government as a tax. The government are only after the money so this is why the inflation of bitcoin and number of users having it is not really alarming to the government and in fact it is the opposite for they are happy getting monry from tax.

[alisafidel58]

So from that news, it is a good chance for bitcoin to enter that country and help to solve the problem and if that happens

I don't think that bitcoin can solve the inflation rate in Argentina. Inflation rate comes from poor economic stability. Bitcoin cant feed and give work to the people who are living there. Only the A and B class can benefit into this and the poor will become poorer.

[eternalgloom]

Would you have ever thought that a country was actually considering making Bitcoin its national currency?
I'd say that the chance of that actually happening is pretty slim, but just that the president of Argentina actually met with Tim Draper and discussed it is already pretty amazing.

Imagine what would happen to Bitcoin if we experience another global financial crisis...

[Beerwizzard]

Why do people in this country choose Bitcoin as an alternative currency? But it is significant that this is excellent news as it is pushing people closer to Bitcoin. I think everyone in this country should choose USDT because of its stability and 's Stable coin.

In countries with high inflation first of all people are buying a good old paper dollar. Bitcoin holders are still a tiny minority in the general number of people and I think that its growth is still pretty small. For example earlier there was 1000 BTC holders in Argentina and now this number has turned to 3000 people. Still not much but there it a 300% growth in popularity.
Fiat currencies will always be the main option of saving money from hyperinflation unless government bans all ways to buy it.

[jakelyson]

I am glad that because of this bitcoin adoption will get higher. But I am also sad that it needs to have an economic crisis before they recognize the importance of bitcoin or cryptocurrency. I hope it does not happen to other countries.

[Artemis3]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

Good for them. I remember when we had such a little inflation, things were so good but we didn't know it...

Like us, they are probably simply seeking refuge for their savings.

The best thing their central bank should do is: Nothing, leave the coin free, and never ever "print" more, like we did. While last year they reached 55%, what do you think us did closing above one MILLION percent? Estimates indicate this year (should the de-facto gov remain in power) inflation will reach 10 MILLION percent.

Even with our soaring inflation (and with various media stating things like in this article) people here are yet to use openly use bitcoin for direct transactions. Everything is come and go from fiat. So the exchanges are the ones benefiting the most, unfortunately.

Argentinians fear the word "corralito". We have been put under that for more than 4 years now... Currently you are only allowed to withdraw barely the equivalent to 1 USD per day from a bank. They keep bashing Macri, only because they don't have Maduro; but they should remember their own history.

If Argentina sticks to free market economy, and doesn't go the way of protectionism or socialism, and instead pick classic liberalism or even better adopt Austrian economics, the country will recover, and i wouldn't worry the least. But if resulting from this, a socialist has a chance to return to power, then run for the hills (the neighbor countries).

[tomahawk9]

first of all when a country is hit with inflation majority of people don't look to bitcoin, and many who were aware of it are still not going to take the high risk of converting their fiat to bitcoin.

This guy gets it. If an economic collapse could translate into a massive wave of bitcoin adoption, then Venezuela, a country suffering a rampant inflation currently at 2.000.000% (according to sources not linked to the govt), then Venezuela would be the first country to adopt bitcoin and every citizen would be using or holding bitcoin, reality is that none of that is actually happening.

If the btc volume in those countries is increasing is because the big companies or the upper class are using bitcoin, middle class and lower class, pretty much the majority of the population, have no access to bitcoin or don't even know what it is.

Countries like Argentina, Venezuela etc which are basically facing an economic crisis right now are already using Bitcoin as one of the primary forms of payment since quite sometime.

Lies. Show me proof of the stores accepting bitcoin as the main form of payment in those countries. Pro tip: you won't find any.

[antisocial77]

in Turkey where im living is going to be same very soon.me and people around me runs to dollar,gold and little of us like me cryptocurrency.if speculations will come true and there will be a global crisis, bitcoin will hit new ath i guess.