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As Argentinian Currency Fails Government Limits Dollar Buying

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September 2, 2019 | 

568 Views | 

Darryn Pollock | 

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Bitcoin has been called a potential hedge for the global economic downturn that is currently bedeviling the market. The US and CHina are in a trade war and the Eurpeoan Central Bank has taken a dovish turn and people are allegedly running for Bitcoin. 

However, what is more proof of Bitocin;s potential as a hedge is in countries like Zimbabwe, Venezuela and now Argentina where these countries economies are in true free fall. However, with Bitcoin being a real tool to help citizens of these countries to survive, the government in Argentina has implemented a limit of $10,000 yo buy Bitcoin in order to stop people dumping the quickly devaluing currency. 

As Bloomberg reports the increasingly troubled South American nation took the step as the Argentine peso (ARS) suffers overwhelming losses against major fiat currencies such as the US dollar. Access to hard currency is restricted to just $10,000 for individuals looking to dump ARS on the market, despite its exchange rate falling 34 percent in USD terms since August 2.

Growing interest

There is tangible evidence to suggest that Bitcoin is becoming more and more popular in Argentina as people watch their money devalue before their eyes, and now with less access to the US Dollar as a hedge, Bitcoin is becoming more favourable. 

Volume data showed Argentinians trading more in ARS on P2P crypto exchange Localbitcoins last week, a trend which may continue if circumstances follow those of embattled Venezuela. The fear for the Argentininans watching their South American neighbors is that the currency could soon be inflated out of existence. 

Because of this there is this uptick in interest, which has also pushed a premium on the exchanges in Argentina where Bitcoin is valued more. 

In fact, in response to this news that citizens will not be able to buy up US dollars, cryptocurrency-focused attorney Preston Byrne tweeted a simple message that read: “Buy Bitcoin.”

Trying to stop a crisis

Again, the Argentinians have the advantage of having seen what happened with Venezuela and this crisis that could be is hopefully still at a stage where it can be stopped. 

In fact, billionaire investor Tim Draper even met with the country’s president earlier this year to bet on Bitcoin outperforming ARS. 

Should Draper win, he demanded Argentina shun the peso altogether, adopting Bitcoin as its new official state currency.
 
“That would be a perfect decision, as there's a lack of confidence in this coin,” he reportedly commented at the time of the meeting in March.

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