With Argentina’s peso facing testing times, cryptocurrency may hold an answer…
Most stories to do with hyperinflation and cryptocurrency have surrounded the nation of Venezuela this past year, as its president has introduced a national crypto – the Petro – to try and offset the country’s significant economic problems.
Now, Argentina is facing a battle of its own.
The value of the Argentinian peso has fallen dramatically this year, as the country faces economic pressures. So much so that the peso’s value has fallen over 50% against the American dollar.
Part of the fightback is now coming in the form of cryptocurrency, though, and it follows the debut of the country’s first Bitcoin ATM in September. It was installed in a shopping centre in Buenos Aires, by an American firm named Athena Bitcoin. It’s one of two US companies investing in crypto ATMs across Argentina – Odyssey Group being the other – and the plan is to have some 150 machines between the pair of them operational by early 2019.
The Argentinian financial outlook continues to look grim, too, hence the thinking that some residents in the country will look to cryptocurrency for something a little more stable. Which, given the volatility of crypto prices this year, tells you a little about just the state Argentina finds itself in.
Talking to Reuters, Athena Bitcoin’s Dante Galeazzi was quoted as saying that “today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market”.
Whether the citizens of Argentina are willing to give crypto a try in reasonable numbers remains to be seen.