Argentina Reportedly Intends to Use BTC as Solution to Rapid Inflation

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Alberto Fernandez, current president of Argentina, stated in an interview with Caja Negra via Filo News that he considers crypto, particularly Bitcoin (BTC), a viable solution for the country’s rapidly increasing inflation rates. While still admittedly skeptical regarding the use case for BTC, the Argentinian president considers himself amenable to the idea that cryptos could elevate the country’s struggling economy.

In the interview, Fernandez expressed his truthful outlook on cryptocurrencies by stating that their rise to prominence cannot be taken away from them anymore, and cryptos have proven themselves today as having the potential to nullify the adverse effects of inflation. Furthermore, when he was asked if the country may one day consider developing a central bank digital currency of its own or perhaps render BTC as legal tender in Argentina – much like El Salvador recently – Fernandez stated that it is indeed possible.

While his remarks may sound bullish at first glance, Fernandez reminds everyone that careful consideration is still warranted, especially when dealing with volatile components. And there seems to be no better example of a volatile asset today than that of cryptocurrencies.

Although the president’s remarks on cryptos do sound promising, it is best to remember that his views do not necessarily mean that his constituents must feel the same. For instance, the Argentinian central bank president, Miguel Pesce, recently stated that BTC, at least for him, is not a legit financial asset and cannot generate any sustainable profit.

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