The Currency of The Internet

acesontop in #hive-167922 • 2 years ago

There used to be a time when searching the word Argentina on google you would get tons of beautiful girls' pics, in response to your search by google, lots of epic soccer-related moments, and so on, but now that's changed.

I bet they still have beautiful girls over there and these guys can still play soccer, but their economy is in free fall, inflation being at the moment over 60% over there...

Silvina Batakis was recently appointed economy minister after abrupt departure of Guzman, at a time when the Argentine economy is in full-blown crisis mode, with inflation above 60%, a high fiscal deficit and fears rising about debt defaults.

Sounds like some crypto report regarding another exchange or lending service defaulting, but we're talking of an actual country being close to defaulting... It's a 45 million people country that we're talking about.

image source

Argentinians purchased up to 3x times as many stablecoins as usual over the weekend following the economy minister's resignation. Why would they do that?... I guess they realized their currency is dying and it's time to opt for another one.

Worth mentioning is the fact that these people haven't actually bought Bitcoin, but instead, they chose stablecoins, but that doesn't mean this situation is not clear sign crypto is gradually becoming a hedge. You can easily convert stablecoins to BTC, if necessary, but it's a bit over the hand to do that between fiat currencies. Banks are closed during weekends.

So far the dollar seems to be doing good, can't say the same about EUR, but some other currencies and economies in the world seem to be falling apart. It's not like the rest of us are having an easy life, almost the whole planet pays more for gas, food, and other services and we don't know how worse things are going to get.

What's worth underlining is the fact that gradually, some people, mostly forced by extreme conditions are flocking to the currency of the internet. Mass adoption happens as we speak, and that happens even during bear markets.

@taskmaster4450 said multiple times that the dollar is not going anywhere any time soon and he might be right, but what if it does, what will those people choose as an alternative? I bet Bitcoin and other cryptos are definitely an option.

What do you think?

Thanks for your attention,
Adrian

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#crypto #argentina #bitcoin #hodl #posh #vyb #cent #proofofbrain #leofinance

2 years ago in #hive-167922 by acesontop

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poshtoken 2 years ago

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cryptoandcoffee 2 years ago

Currency of the internet is COTI as that is what it stands for lol. Personally I do think it is safer to be diversified these days and have Crypto as your safety net. Crazy to think that as 5 years ago you would be seen as crazy for ever suggesting that.

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acesontop 2 years ago

Crazy stuff happens, but what we once called crazy should be normal.

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cmplxty.leo 2 years ago

I don’t know if the dollar could go anywhere without them flipping the switch overnight and intentionally throwing the entire world into a depression and cataclysm. Short term pain is one that these crazy fucks try to avoid because that’s the most apparent and one people riot over. Long term is where their things lie, as we can see the long term erosion of peoples rights and freedoms as time goes on.

“Be careful what you wish for, you just might get it” is a thing I’ve been reading a few times in our children’s books that I do with my son every night. Mass adoption will come but at what price? Will we be even more screwed? Sadly only time will tell.

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