Who Is This Guy and How Did He Just Add $22B to Bitcoin’s Price?

TL;DR

• Argentina’s new president loves Bitcoin, which pushed BTC’s worth up 3%, including ~$22B price of worth to its market cap in 24hrs.

• Whereas 3% does not sound like a lot, a 3% transfer in Bitcoin means ~$22B of latest worth (which is roughly the complete market cap of Solana).

Full Story

See that man pictured above? Is he:

A) The bass participant in your buddy’s uncle’s band, who do principally Bon Jovi covers, and are nonetheless holding on to the hope that they’re going to in the future “make it”…

Or

B) A center faculty steerage counsellor who rides a motorcycle and wears the identical leather-based jacker every day (all in an try to be seen as ‘the cool instructor’)?

In the event you answered A or B, you are flawed. The right reply was:

C) The brand new president of Argentina (severely).

And he has some fairly wild concepts relating to central banks and the Argentine peso…particularly, he needs to eliminate each and dollarize the economic system.

Translation: he needs to eliminate central banking in Argentina, and transfer the native economic system from utilizing Argentine pesos, to US {dollars}.

Questioning what this has to do with crypto?

Effectively, for those who’ve spent sufficient time within the area, you may know that this kind of anti-central financial institution rhetoric sometimes goes hand in hand with a love for Bitcoin.

And Javier Milei (that is his identify btw) is not any completely different.

He hasn’t outright stated that he needs to make Bitcoin authorized tender within the nation, however it would not be surprising if that confirmed up in future plans.

Because of this: Bitcoin jumped 3% in a 24hr interval.

Which does not sound like a lot, however a 3% transfer in Bitcoin means ~$22B of latest worth (which is roughly the complete market cap of Solana).

Okay, however why such excessive measures?

Effectively, the Argentine peso’s shopping for energy has been reduce in half over the previous yr because of inflation…and the complete nation’s GDP has barely doubled over the previous 100 years.

Which is all to say:

Issues (Argentina’s economic system/monetary system) have not been nice → they’re now getting worse → given all of that, the voting inhabitants is choosing what would have beforehand been thought of an ‘excessive’ financial resolution.

However hey, if our financial savings misplaced half their shopping for energy in 12 months, possibly we might be open to slicing our losses and embracing a international foreign money.

Who is aware of ¯_(ツ)_/¯ hopefully, we by no means have to seek out out.

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