Argentina's inflation has hit 108% leading to steep devaluation of the currency due to hyperinflation The coins seen in the video embedded in the tweet are 2 Argentine Pesos https://twitter.com/i/status/1659545956289748993 Each coin consists of about
And this metal is worth $0.07 after refining But at the real exchange rate, it comes down to $0.04 as opposed to the depicted $0.08 on official exchanges The scrap value of the coins have been greater than the face value for the peso since 2018 Eventually this is bound to happen to all fiat currencies with the way the government is making the money printer go brrrr all the time Crypto allows individuals to hold and transfer their wealth across borders quickly and with lesser fees. In hyperinflationary environments, where local currencies rapidly lose value, citizens can convert their assets into cryptocurrencies, which retain value and be easily transported across the globe as stablecoins of other currencies such as USDT or EURS or BGBP; or using coins such as BTC, ETH, XLM, LTC...etc. This helps the retails protect their net worth from losing its purchasing power due to hyperinflation. How close are you to face this situation in your country ? Edit: A comment by u/Arcosim that adds onto this post:
[link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments