And it is that every day more people took refuge in the dollar as a response measure to the country’s inflation, for which the BCRA made the decision to implement a 35% advance rate for the income or personal property tax , which is added to the 30% already applied by Country tax. In addition to the restriction on the quantity purchased, which cannot exceed $ 200 per month.
But the crisis is where the greatest opportunities arise. The cryptocurrencies They have served for years as a refuge from economic turmoil and Argentina is no exception.
What better opportunity to try your luck with the money of the future? Already many savers and investors in Argentina have diversified their portfolio with crypto assets, especially in Bitcoin, the largest cryptocurrency by market capitalization.
The dollar tax as an opportunity to reach the future
The foreign exchange market established in Argentina has left no choice but to resort to alternative markets to protect capital, even to earn more. Bitcoin is not a new concept for many Argentines, since even in the capital of the country a Bitcoin ATM that operates with dollars has been inaugurated.
The possibilities in the cryptocurrency market are endless, from commodity-based tokens to stablecoin. Fiat money is a thing of the past. Even the people who had their savings in Bitcoin, with this decision of the central bank saw how their coffers increased in pesos.
And it is not only as protection against the devaluation of the peso. Investors across the globe have decided to exchange their dollars for Bitcoin due to its multiple advantages: predefined issuance of 21 million, a currency that is not controlled by any central bank, and the security of their transactions.
Not only is the peso in the balance, the dollar is also in danger
To say that the reign of the dollar will end soon would be an exaggerated statement, but it is clear that its power is in sharp decline every day. The Fed’s quantitative easing policies, pumping millions of dollars into the economy, have only led to its value staggering.
The recent record that the price of gold reached confirmed that more and more people are seeking to abandon the false security previously provided by the dollar. However, even gold has given up on the most famous cryptocurrency.
We can no longer talk about gold as the only safe haven asset, Bitcoin is here to stay, especially in unstable economies and with a controlling and fluctuating monetary policy.
Likewise, altcoins have seen a rebound in this year of global economic crisis due to the arrival of the Covid-19 pandemic and the measures taken by governments to stop contagion, which have slowed down economies.
Decentralized finance gains momentum with PrimeXBT
At first, the world of digital and decentralized finance can be intimidating, but it doesn’t have to be. Choosing a reliable platform is key so that the process is not a headache. What better than a platform known for its versatility and security?
PrimeXBT, an award-winning leveraged trading platform Based on Bitcoin, it offers a wide range of global stock indices alongside commodities, gold, silver, forex, and cryptocurrencies such as Bitcoin and Ethereum.
Even entering the world of finance and the stock market is now easier thanks to the new copy-trading module Covesting, recently launched on the platform. With this function, anyone without experience can copy the strategies that expert traders implement and thus invest with a safety net.
Of course there is an associated risk since there is the possibility of suffering partial and even total losses of your initial investment, and therefore you should not invest money that you are not in a position to lose. But isn’t there also in leaving all your money in pesos?
The company has an impressive average daily volume of 375,000,000 and has more than 12 liquidity providers. The best part is that registration on the page takes only 40 seconds.
In addition, it covers 150 countries with a wide range of trading tools and has a special focus on Latin America, especially after the appointment of Iván Marchena, former commercial development executive of Libertex Group Latam, as vice president of operations for Latin America.