Bitcoins, the virtual currency created by programmers in 2008, are quickly emerging as an inflationary hedge for a growing number of Argentines. In fact, Argentina now boasts the largest community of bitcoiners in Latin America.
Bitcoins, An Alternative That Is Catching On As A Means Of Protecting Against Inflation is the headline of today’s article in iProfesional which features interviews with several bitcoin fanatics in Argentina. For Argentines accustomed to currency risk and hyperinflation, the price volatility of bitcoins is of little concern.
“I don’t have much of a feel for whether bitcoins are going to go up or down, but what I am certain of is that the Federal Reserve is going to keep printing a ton of money which will cause inflation. I also know that Argentine pesos are going to keep losing their value too,” says one BA bitcoiner named Bruno.
Cristian, another fan of the decentralized cryptocurrency, purchased bitcoins when they were trading at US$2. Today they are trading in the high triple-digits. “The only savings I don’t have in bitcoins, I keep in dollars, and that’s just to pay monthly obligations like rent, groceries and that kind of stuff,” he says.
With this week’s US Senate committee hearing delivering an extra boost of validity, bitcoins will only continue to rise in acceptance in countries like Argentina and China with repressed financial systems. A day when Argentina real estate owners accept bitcoins for their properties can’t be too far off in the distance. (Full Story in Spanish)
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