Argentina: Bitcoin Up, but Not a Safe Investment for Locals

Blockchain - distributed ledger technology

The economic situation in Argentina is dire, with inflation at nearly 100%, crushing the value of peso savings. In this context, many are tempted to turn to Bitcoin as a way to protect their wealth. However, our Analyst Dan Ashmore argues that this is not a good idea. Even though Bitcoin has appreciated in value over the last year against the Argentinian peso, it still is not a reliable store of value. Holding Bitcoin would be like jumping from one fire into the next. Stablecoins, on the other hand, offer a better option as they are pegged to a stable currency such as the US dollar. Since 2022, the US dollar has increased by 87% against the peso, making it a much better store of value for Argentinians. Thus, for now, Bitcoin should not be considered as an option for those looking to protect their wealth in Argentina.

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