In countries with economic instability Alternatives emerge to overcome the restrictions and volatility of the exchange square traditional. One of these tools is the crypto dollar or bitcoinwhich is a digital representation of Dollars Americans in the form of stablecoinsthat is to say, cryptocurrencies whose value is linked to that of a fiat currencyin this case, the dollar US.
In the hours after last Sunday’s election, several USA Aryans sought dollarize in a previous reading of what was going to happen on monday august 14this basically blew up the local digital currency market.
He dollar bitcoin or cryptobefore the first electoral results were known, it was in close to the $600today listed on $689.61 and in the last hours he came to overcome the $700leading to Bitcoin to be listed for the first time in Argentina close to 21 million.
The crypto dollar: a visionary or Milei effect?
In spite of the dollar hedging logic by savers who, given the impossibility of operating stock dollars They migrated to the crypto dollar on Sunday, as Javier Milei’s victory became clear. On Monday, after the announcement of devaluation by the central bank (BCRA), operations to take over USDT they fired. This confirms that savers sought coverage within 48 hours of STEP.
“The impact of the elections resonated loudly and highlighted the transparency and versatility that characterize cryptocurrencies,” says Matías Bari, CEO of Satoshi Tangoin statements to Ambit.
“The operations moved continuously, since they are the only currencies that can be accessed 24 hours a day,” Bari explains, adding: “It is extremely interesting observe how the ‘crypto dollar’ market anticipated what could happen this Monday in the conventional financial market, since the momentum in prices is the result directly from the dynamics of supply and demand.”
“All the transactional operations were affected, and among them the operations with cryptos they can play an important role“, indicates Marco Tulio Chacin Amaralsupport manager for LATAM and Key Account Management of bitget.
Crypto dollar and devaluation
The fact that a Bitcoin in Argentina worth almost 20 million pesos At present it is mainly related to the officialized devaluation carried out by the Government, maintains Inaki Apezteguiacommunicator and crypto educator.
Apezteguia points out that it is important to remember that the cryptocurrency market is valued in pesos, taking as reference the value of the blue dollar. This circumstance contributes “significantly to the high valuation in pesos of both Bitcoin like other cryptocurrencies.
The crypto educator adds in relation to the possible administration of Milei thatin the crypto ecosystem, it is nice see that Argentina approaches the notion of a government with liberal and libertarian leanings. “This aligns with the philosophy of liberty, and it is evident that he seeks the deregulation of the markets and the creation of transparent rules of the game”, justifies Apezteguia.
It is an undeniable fact that “the prospect of Milei assuming the presidency has been welcomed by the crypto community“, warns Apezteguia who indicates: “If this possibility materializes as a final decision and he assumes the presidency, it could lead to a positive and constructive change in the development of cryptocurrencies and their environment“.
In this scenario, we may see an increase in demand for cryptocurrencies such as Bitcoin or others that are considered “stores of value”concludes Marco Tulio de bitget“like stablecoins, including USDT for examplecompared to local currency“.
Source: Ambito
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