- For most of us in the developed world, Bitcoin is still a curiosity. In Argentina, it's increasingly a necessity.
The Wall Street Journal had a long piece this week about inflation in Argentina, now running at an official 55.1% year over year.
For some folks there, "They prefer the volatile asset of Bitcoin as opposed to the peso, where they know they will always lose," says Damian Di Pace of Focus Market Consultancy.
- But it's not just the dollar pricing of oil and other commodities that could push the rest of the world toward crypto.
"What if they do sanctions on us? some countries are probably thinking…
"What if I can't secretly buy oil? other countries are definitely thinking…
"What if the dollar falls apart and my currency is pegged to the dollar? other countries are probably fearing…
"All of these countries (and this list is about 100 countries) are thinking, Maybe I need a new currency. One that is globalized so no policy can be directed at me.
"Maybe they need cryptocurrency.
"That was the reason crypto was originally developed in 2009. Ultimately, society will lose trust in country-issued currencies and go to a more 'democratic' currency like Bitcoin."
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