The country was the protagonist of numbers economic crises that hit the pockets of Argentines and deeply hurt the relationship of the financial system with investors, both national and international, and with the small and medium businesses. Furthermore, they deepened the poverty and unemployment.
One of the people affected by this measure, who remembers to this day as the Playpen He kept his savings, he is the businessman and cryptocurrency guru Michael Taylor. Although with his current fortune it may seem that the measure was harmless for him, he always regrets his poor financial decision.
Who is Michael Saylor?
Michael Saylor is an American businessman, best known as CEO and co-founder of MicroStrategya company focused on business intelligence and data analysis, which he founded in 1989 and with which he became known for his capacity and knowledge in the technological and financial field.
In addition to his own productions, Saylor is also a relevant figure in the cryptocurrency world for his strong conviction in Bitcoin and their faith in the functioning of this financial system. Under his leadership, MicroStrategy invested large sums of capital in this cryptocurrency, becoming one of the companies with the largest reserves of Bitcoin and increasing your capital day after day.
Furthermore, the businessman wrote several books and articles on technology, business and cryptocurrencies, and participates in international conferences, where he shares his perspectives on the digital economy and the future of technology.
What was the Corralito in Argentina 2001
The corralito was an economic measure implemented in Argentina on December 1, 2001 by the president Fernando de la Ruawith the aim of stopping the capital flight and the bank run that affected the country. In a context of deep economic crisis, with high levels of poverty and unemployment, the government decided to restrict the extraction of bank deposits to 250 dollars per day and prohibit money transfers abroad. This measure, devised by the Minister of Economy Sunday Cavallosought to protect the Central Bank’s reserves and avoid further devaluation of the peso.
Many Argentines were unable to access their savings, which generated a loss of confidence in the financial system, increased informal economy significantly, as people looked for alternatives to protect their money. This also affected the foreign bankscomplicating the situation for foreign investors. Furthermore, the measure unleashed a wave of protests and looting that culminated in De la Rúa’s resignation.
Crisis 2001 December 2001 Economic Crisis Corralito De la Rúa Incidents Plaza de Mayo
Jorge Pérez/Financial Area Archive
Saylor’s failed investment in Argentina
The businessman revealed that, during the 1 to 1 era, when The Argentine peso was equal to the US dollarhad approximately one million pesos in Argentina, which was equivalent to $1 million in dollars. At that time, he asked his finance team to deposit the money in a US bank based in Argentina since I didn’t have much confidence in the national bankss.
However, this measure was not enough to protect itself from the economic and political events that were coming in the country, since The policies implemented affected both national and international banks..
The tycoon declared that, in any case, this problem was “a flesh wound” because he had approximately 95% of his assets outside the country. Facing these difficulties motivated him to adopt Bitcoin in his company’s treasury. Currently, MicroStrategy owns 124,391 bitcoinswhich is equivalent to $4.7 billion dollarsapproximately.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
