USD stablecoins are also possibly still being used, but they are being purchased through underground "crypto caves" to skirt currency controls.
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USD stablecoins are also possibly still being used, but they are being purchased through underground "crypto caves" to skirt currency controls.
I love reading the no-coiner cope in the zero hedge comments 🤣
Argentina means land of silver
Seeing the inflation of the Argentine currency, the dollar purchase limits they had, and the rise of Bitcoin, it does not surprise me that this is happening.
https://scanalyst.fourmilab.ch/t/crypto-in-the-real-world-argentina/1859
From 2022
Dollars and stable coin are popular in Argentina
Makes sense. Have you visited? Do you have any boots on the ground information? It would be great to get a sense of what's really going on.
Unfortunately I have not visited. I rely on information from the blogger, Devon.
https://www.freethink.com/hard-tech/crypto-argentina-black-market-cash
I could shed some light here :), I have some boots on the ground. The article is the classic pump and dump that all "crypto" wallets (lemon/belo) use and add to FOMO.
When the price of BTC skyrocket the "bitcoin demand" surge, but only to cashout to stable shitcoins at the first downturn. Almost 80% of the economy move in a "black" market, and the "caves" adopt USDC/USDT as an easy way to manage dollars.
At the beginning there was a good BTC community but most of it "turn" to shitcoinery when ETH and the "new" crypto assets bubble popout, all the meetups and events turn to this new shinning thing
I am aware only by this "core" BTC community that only talk about BTC https://lacrypta.ar/. The old gang seems to sell off, https://bitcoinargentina.org/ (bitcoin and cryptomonedas), https://agenda.labitconf.com/ (NFT talks/web3)
my2cent
I would say 35,000 weekly purchases is a low number. Am I missing something here?
Nope, just nonsense hype. That's less than 1/1000th of the population
That's a good thing for Bitcoin but Argentinians are more like USD guys. https://www.coindesk.com/markets/2024/02/12/tether-and-circle-stablecoin-purchases-dominate-in-argentina/