Bitcoin: why Argentina embraces cryptocurrencies

  • By Christine Ro
  • Buenos Aires

Jeronimo Ferrer

Image Credit, Jeronimo Ferrer

caption,

Jerónimo Ferrer is behind the hikes called “Our crazy trip to the local economy and bitcoin in Buenos Aires”

In Argentina, everywhere there are traces of mistrust, even trauma, attached to the economy.

For Jerónimo Ferrer, one of the most vivid memories of the financial crisis that hit Argentina in the late 1990s was when bank accounts were frozen and, almost overnight, people’s savings had disappeared.

He is not the only one who remembers it. An engineering student I spoke to keeps all his savings in U.S. dollars at home because he fears the banks will devalue their holdings again from one day to the next.

A matter of trust

While many Argentines are necessarily experts in the state of the economy – from the staggering level of inflation to the current unofficial exchange rate between the peso and the US dollar – Ferrer went further than most of them.

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