With the Argentine peso depreciating more than 40 percent in the past 12 months, MicroStrategy founder Michael Saylor recently tweeted that Argentines “need Bitcoin.” The tweet was in response to reports that some Argentine politicians were in favor of replacing the peso with the dollar.
If you live in Argentina🇦🇷 right now, you need #bitcoin.— Michael Saylor⚡️ (@saylor) April 22, 2023
Argentina’s presidential candidate Javier Milei believes dollarization will help combat the country’s staggering 103.4% inflation rate in March. However, despite Argentina’s general support for dollarization, critics of the dollar, including Saylor and his Twitter followers, argue that Argentines should opt for Bitcoin.
Saylor’s tweet reflects a growing sentiment among cryptocurrency enthusiasts that Bitcoin and other digital assets are viable alternatives to traditional currencies.
While bitcoin itself has faced volatility and criticism, its proponents argue that it offers a more stable and secure means of transacting compared to fiat currencies such as the Argentine peso.
According to Saylor, Bitcoin’s limited supply and decentralized structure make it a safer option for individuals looking to protect their wealth from inflation and government interference.
Additionally, Bitcoin’s global accessibility and low transaction fees make it ideal for international commerce and money transfers, especially in countries with unstable currencies and limited banking infrastructure.
While Argentina isn’t the only country experiencing economic turmoil and inflation, Saylor’s call for bitcoin adoption highlights growing interest in digital assets as a potential solution to these problems.