The gap in the price of Bitcoin in Argentina widens

The delicate economic situation in Argentina, accompanied by measures with restrictions on transactions with dollars, has resulted in some looking towards Bitcoin as an alternative to inflation and reserve of value, but also that the gap in the price quotation of BTC in that country. This was reported by ArgenBTC through its blog, on September 13

“Among the measures and restrictions to which the national government goes and the uncertainty caused by the situation in citizens and workers, Bitcoin stands out once again as an alternative but also with curious situations that, although they are not new, show that the price quotation has important variations in addition to historical maximums, ”the publication said.

“It is precisely the restrictions – which in Argentina are often called ‘cepo’ by the common people – have meant that brokers or exchanges in Argentina cannot transfer money abroad to buy Bitcoin on large platforms, such as Bitstamp or Bitfinex.

And so there is an important gap in the price of Argentina. Just take a look at the CoinMonitor reference site to see more than striking values, ”said the information disseminated by ArgenBTC.

From that firm they warned that a scenario similar to what had happened with the stocks imposed by the Kirchner government before the current administration is repeated.

 “There are companies or businesses of Argentines abroad, or that receive funds abroad for their economic activity. There are even professionals or professionals who provide services and receive compensation abroad. So, there are people in that situation, who have that money abroad, without having to turn it from Argentina, buy Bitcoin outside and sell it in Argentina. In this way a difference can be obtained because here in Argentina it is selling at approximately + 10.5% and it is being paid at + 3% or + 4%. So those people who have access to the outside without going through the stocks, sell it in Argentina and get a difference in favor, ”said the blog.

Bitcoin as an alternative in times of stocks

Recently, the president of the NGO Bitcoin Argentina and co-founder of the Latin American Blockchain Alliance, Rodolfo Andragnes, said that the root of the Argentine crisis is not economic but trustworthy, and that Bitcoin is a valid alternative in times of stocks. This was revealed in a column published in Ámbito.com, on September 2.

“Although it may not seem like it, the root of the Argentine crisis is not economic but of trust and this brings two big problems. On the one hand, trust is very easy to lose but it takes time to recover, and on the other, every construction of value is based on it and the value of the “Argentine peso is no stranger to this,” said Andragnes.

As highlighted in the column, with what is happening in Argentina it is demonstrated once again that the money in the bank is not from the citizens and also, that the value of fiat money (that issued by a state, with nominal value and mandatory use) It is only backed by the credibility of its issuer.

“Although we Argentines trust the dollar, and that with stocks we are limited to buy it, its global supremacy is also being questioned and with it its future value,” said NGO president Bitcoin Argentina.

Reference: es.cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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