Another week brings with it some more disconcerting news out of Argentina. In the wake of yet another abrupt devaluation of the peso, the Argentinian government is now subjecting its subjects to capital controls. Limiting the amount of US Dollars that individual Argentines can purchase each month to $10,000. Pretty drastic, especially considering the fact that Argentines heavily depend on the USD to store their wealth.
I had an Argentine reader reach out a few weeks ago after writing about the sudden devaluation of the peso and, up to this point, the USD is HEAVILY favored as the store of value of choice in the country. And this has been the case for some time. I know this isn't the first time Argentina has experienced sharp devaluation or the first time the government has enacted capital controls, but one has to begin to question how much more the Argentines can take. Is there a straw that breaks the camel's back and forces those subjected to so much economic and monetary uncertainty to seek other options? To give Bitcoin a chance?
We shall see. Honestly, I'm not holding my breath at this particular juncture. Though, as we touched on earlier this week; if you build it, they will eventually come because they will be forced. It seems Argentines are getting forced closer and closer to the event horizon of the black hole that is Bitcoin. Once they're sucked in, I fear there may be no turning back.
It's a My Beautiful Dark Twisted Fantasy on repeat type of morning at the Bent residence.
Enjoy your weekend, freaks.