Argentina is a poster child for cryptocurrencies.
There’s a lot here. First: “Argentina has seen an average of 100% annual inflation for the last century.” No surprise the locals are allergic to their currency and convert to foreign currency whenever possible. But capital controls restrict foreign currency, so there’s a thriving black market for US $100 bills, fulfilled by illegal exchanges called “cuevas” (Spanish for caves). Storing all this cash carries risk, so there’s a solid case for crypto here. While adoption is growing, it’s still limited. Another interesting part: the locals don’t seem to care for decentralization in their cryptocurrency. They’re willing to extend trust, just not to their government. | learn more