Bitcoin: why Argentina is embracing cryptocurrencies

  • By Christine Ro
  • Buenos Aires

Jeronimo Ferrer

photo credit, Jeronimo Ferrer

image caption,

Jerónimo Ferrer is behind the walking tours called “Our crazy tour of the local economy and bitcoin in Buenos Aires”

In Argentina, there are traces of mistrust, even trauma, associated with the economy everywhere.

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

He’s not the only one who remembers. An engineering student I spoke to keeps all his savings, in US dollars, at home because he fears the banks will devalue their assets overnight.

A matter of trust

While many Argentines are forced to be experts on the state of the economy — from the dizzying levels 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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