Central Bank of Argentina hosts a live Bitcoin mining exhibit

[nullama]

Alberto Echegaray created "Moneyballs", an art exhibition that showcases mining rigs next to balls made of shredded US Dollars and Argentinean Pesos.

https://cryptobriefing.com/crypto-art-exhibition-argentina/



As far as I'm aware, this is the first time that a central bank anywhere in the world exhibits a display related to Bitcoin.

“No central bank has ever handled operational mining equipment, and it’s good for both art enthusiasts and those interested in economic and digital systems to see it.”

The money spheres, or "balls", have a diameter of 50 cm and are made of 10 thousand $100 bills, shredded. That's basically one million USD, out of circulation.

The US Treasury provided the out-of-circulation dollars, while local discarded pesos were sourced from BCRA’s own refuse

Echegaray’s installation features spheres that connect virtual assets to real-time valuation data, encouraging visitors to ponder the changing role of money.
His work also delves into deeper socio-economic questions, critiquing society’s dependence on the dollar and the evolution of economic systems.

[ABCbits]

I certainly didn't expect central bank would do such thing. I wonder whether it means Argentina's central bank have some positive views about Bitcoin. And re-using out-of-circulation/rejected paper money is also clever idea.

[tbct_mt2]

I certainly didn't expect central bank would do such thing. I wonder whether it means Argentina's central bank have some positive views about Bitcoin. And re-using out-of-circulation/rejected paper money is also clever idea.

I didn't expect it too.

In my opinion, if any government like Argentina, did not have their Bitcoin mining operation yet, it's very not logical to see its national central bank goes ahead and make Bitcoin mining exhibit like this one.

It is more reasonable and logical if the government adopted Bitcoin, did Bitcoin mining first, then central bank and other governmental agencies will follow on orders of government to do propaganda on Bitcoin. It's not the case of Argentina and its central bank, so it's big surprise.

As a government, it's smart to use available resources like electricity, paper money to invest in Bitcoin mining and get massive profit from it, like Bhutan.

[Lucius]

Didn't their president promise to close the central bank, did he do that? Considering the attitudes of the current president towards the economy and life in general, nothing surprises me personally, not even a single exhibition like this.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.

[Helena Yu]

Thanks to Javier Milei, he's an Argentina's president that support Bitcoin, although he hasn't yet publicize if he bought Bitcoin unlike Nayib Bukele.

Central banks is afraid of losing it's domination since people choose to use their money to buy cryptocurrency instead of save in banks.

Didn't their president promise to close the central bank, did he do that?

Yeah, but we all know it was never been possible in the first place.

[tbct_mt2]

Didn't their president promise to close the central bank, did he do that? Considering the attitudes of the current president towards the economy and life in general, nothing surprises me personally, not even a single exhibition like this.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.

Months ago, we know that Javier Milei, is a pro-Bitcoin was elected as Argentina President.

Argentina elects pro-Bitcoin president Javier Milei. It's natural to see the President of Argentina tries to boost Bitcoin adoption in that nation, but there are conflicting news about progress there.

Javier Milei Launches Bitcoin Revolution in Argentina
Milei Is Not Moving Argentina Towards Bitcoin

We will have to wait for more progress in Argentina to see what Milei can do here for his citizens with better and more friendly regulation on Bitcoin industry.

Central banks is afraid of losing it's domination since people choose to use their money to buy cryptocurrency instead of save in banks.

It starts with governments that are fearful of losing control on their citizens. If they are governments for people, they will try to resolve fiat currency, central bank issue and open doors for Bitcoin to growth in their nations.

[Amphenomenon]

Surprisingly to many of us, a lot of individuals will definitely visit this exhibition, thereby, generating additional revenue from the fact that they're mining their bitcoin.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.

Indeed Bitcoin succeeds in such Nations and others doing better, the more the economy downhill the more Bitcoin has a more tendency to impact the economy positively. When these worse state economy governmental bodies are in support, in it is easier for it to improve their economy more efficiently.

[Russlenat]

It’s just right to let people know how popular Bitcoin is. This shows they’re open to digital assets, but of course, the central bank will still prioritize their own fiat. Whatever their purpose for that show, I think it’ll have a positive impact, especially for citizens, as it not only educates them about Bitcoin but also builds confidence in using it. This way, people will get more interested and start learning what Bitcoin really is, especially with mining rigs shown, so they won’t mistake Bitcoin as a Ponzi scheme like others have fallen into.

[AmoreJaz]

It’s just right to let people know how popular Bitcoin is. This shows they’re open to digital assets, but of course, the central bank will still prioritize their own fiat. Whatever their purpose for that show, I think it’ll have a positive impact, especially for citizens, as it not only educates them about Bitcoin but also builds confidence in using it. This way, people will get more interested and start learning what Bitcoin really is, especially with mining rigs shown, so they won’t mistake Bitcoin as a Ponzi scheme like others have fallen into.

This is indeed a very good initiative from their government. You need to educate people for them to understand this technology and eradicate the negative notion thrown to this market. Because if they are seeing it first-hand, they will surely change their mind. Do remember, some are having this sentiment - "to see is to believe".
They should also see what mining is, or how mining works and how it can benefit to their society. Because not all people are well-versed on this technology, they need it to see to appreciate what's going on in this realm of market.

[GreatArkansas]

(....)
As far as I'm aware, this is the first time that a central bank anywhere in the world exhibits a display related to Bitcoin.

“No central bank has ever handled operational mining equipment, and it’s good for both art enthusiasts and those interested in economic and digital systems to see it.”

Yes, because we all know that the main enemy of Bitcoin is these banks, we know that they hate Bitcoin but seeing this is changing my perspective. For sure this central bank of Argentina really knows the problem and knows the solution. This is big W for Bitcoin.

[Winnerman0499]

This exhibition by the central bank of Argentina points to the fact that the bank wants to adopt to digital assets and we should actually see it as a good innovation for crypto into the globe.
The artist must have also seen the potentials of cryptocurrency especially Bitcoin and wants to embrace it.
This exhibition would actually inspire other banks to follow suit.

[d5000]

I wonder whether it means Argentina's central bank have some positive views about Bitcoin.

Argentina's Central Bank has been cooperative at first (from 2013 to 2020 approximately), while they warned about crypto scams they did not act against local exchanges and service providers, and has even sent representatives to local Bitcoin meetings. But then they became more hostile for some years (2020-23). This may have been related to that during the pandemic a huge, cult-like shitcoin scam (Generación Zoe) had been discovered, but also due to growing inflationary pressure after the COVID-19 pandemic. Since the government change in late 2023 one could assume that they've adopted again a more favourable stance, although this has still not been reflected in measures. For example, there is still a ban for banks in place to acquire or facilitate the acquisition of crypto-assets. This ban came from the last government but has still not been lifted.

This art exhibition may be a message to the pro-Bitcoin public, something like "we're working on it".

Milei's government is not explicitly pro-Bitcoin, although some other members of his government and many of his voters are. Milei's opinion however is that there should be competition between currencies and means of payment.

[Lucius]

~snip~
Milei's government is not explicitly pro-Bitcoin, although some other members of his government and many of his voters are. Milei's opinion however is that there should be competition between currencies and means of payment.

Many (including me personally) obviously misunderstood some things that were communicated through this forum - because Milei was mentioned on the forum primarily in the context of Bitcoin, in other words as someone who supports it and who will popularize it in some way (legalize) in Argentina.

If his opinion is that currencies should compete on the market, then Bitcoin does not have much of a chance considering that most people use it as an investment, not as a currency.

[avikz]

Wow! That's a breaking news! Not expected at all!

A central bank showing confidence on a digital currency and ignoring the world's most used currency, requires a lot of guts!

The current president of Argentina is a big supporter of Bitcoin and I remember he also held a discussion with the president of El-Salvador regarding adoption of Bitcoin earlier. Hope something great is coming for Bitcoin soon in Argentina.

[d5000]

Many (including me personally) obviously misunderstood some things that were communicated through this forum - because Milei was mentioned on the forum primarily in the context of Bitcoin, in other words as someone who supports it and who will popularize it in some way (legalize) in Argentina.

"General forum opinion" is correct in that Milei probably is not a friend of too harsh Bitcoin/crypto regulation. Contract law was also already flexibilized, allowing financial contracts in units different to the Argentine Peso, including Bitcoin.

Bitcoin-related regulations were however never too strict in Argentina, with the exception of the ban for banks I mentioned, but that measure can be understood in the context of a year of financial instability (>150% inflation in 2023).

But I don't expect Milei advancing in the direction of Bitcoin as a "legal tender" like in El Salvador. Simply because he probably doesn't support the concept of a legal tender at all, due to his ideology that all currencies should compete freely.

Regarding reserves and mining, it's interesting that an argentine state company, the oil corporation YPF, already mines Bitcoins since 2022. It has recently announced to expand its mining activities. However, I have never seen announcements regarding holding these coins.

If his opinion is that currencies should compete on the market, then Bitcoin does not have much of a chance considering that most people use it as an investment, not as a currency.

Yes, it is likely that mainly the US dollar benefits from the "free currency competition" if it is finally introduced by the Milei government. Argentina is heavily dollarized since the 90s at least, most people use the USD to save money. The USDT and other dollar stablecoins have recently got some attention because their acquisition is much easier than of the USD. But Bitcoin is indeed more used for speculation, like elsewhere. However, there are businesses that accept Bitcoin and cryptos, above all in the tourism industry and in IT-related services.

As in Argentina cryptos were mainly considered a means to circunvent the restrictions to acquire foreign currencies like the USD, it is unclear if the lifting of these restrictions (planned for 2025) will benefit Bitcoin or not. About 15-20% of Argentines hold or have held cryptocurrencies according to estimations by several sources (Triple-A, for example). However this includes the USDT, and USDT holdings will probably dramatically decrease once the restrictions are lifted.

My prediction is that Bitcoin will benefit from the general more libertarian/liberal financial policy of the Milei government and also from the current attention it generates due to the bull market, but the percentage of people holding cryptos could lower to 10-15%. However, I think stablecoin-holding people aren't that important for Bitcoin adoption so this may not be actually a negative development.

[SilverCryptoBullet]

Argenina and Milei will need to learn from available Bitcoin Mining Museum. This museum was established in 2022 and it was made mostly from the Curator's pocket money and some parts come from donations. It is a NGO.

It has some past exhibits too and Texas blockchain is one of them.

Bitcoin Mining Museum (BMM) established 2022. The Curator has personally invested and purchased majority of the Museum. Roughly only 15% of miners received are through donations. Credits on the website and the exhibit are given to the donators in return for their donation(s). BMM owns 100% of the Museum and associated items to include the website. All BMM team members are volunteers. No advisors are being paid, they support BMM through their own free time providing guidance/advice.

BMM is not a non-profit organization, any financial donations will be a taxable event by the donator. We do not support or promote any specific mining hardware old or new. Any sponsorships through conferences or events does not constitute support of products or services by BMM.

[Die_empty]

Thanks to Javier Milei, he's an Argentina's president that support Bitcoin, although he hasn't yet publicize if he bought Bitcoin unlike Nayib Bukele.

Central banks is afraid of losing it's domination since people choose to use their money to buy cryptocurrency instead of save in banks.

The art exhibition might not be the type of news we are expecting from Javier Milei based on the hype the community had about his presidential bid. I had expected that he would have made more friendly policies that would begin to make Argentina a crypto hub. But we need to be patient with him because governance is different from election campaigns.

However, the collaboration between the Central Bank of Argentina and Alberto Echegaray shows that the government has not lost sight of its campaign promises. It shows that the government recognizes that the crypto industry is a significant player in the financial system. As long as there is inflation and fiat keeps losing its value people will always depend on Bitcoin as a hedge against inflation, and the government recognizes this fact.

[yhiaali3]

The artist's idea is really creative and innovative and I am surprised that it is displayed in a central bank in Argentina. I liked the idea very much.

Although the Argentine president is a big supporter of Bitcoin according to his statements, we have not yet seen any moves by the Argentine government towards officially adopting Bitcoin.

[NotATether]

If I remember correctly, the Central Bank of Argentina was disbanded by Milei, right? So that means this must be a new one.

It does not surprise me about the shredded dollars. The old lime green paper notes were out of circulation for at least a decade. So it does not make sense to state the monetary value of the shredded notes as they are effectively worthless.

[Reatim]

I certainly didn't expect central bank would do such thing. I wonder whether it means Argentina's central bank have some positive views about Bitcoin. And re-using out-of-circulation/rejected paper money is also clever idea.

It’s very open minded of Argentina to hold an exhibit like this. My favorite thing about this is how creative and artistic they made it to be. Many organizations try to make events like this to spread awareness and knowledge about cryptocurrency but it is so boring that even those who are already into crypto don’t want to go and see it. But the way they have made this makes me think that they really put some thought and effort into it which makes me think they have very good genuine plans for crypto. I really hope that we see more of art that depicts economic, financial, and technological changes in our world. We deserve to see good art too