Bitcoin bull Michael Saylor advised Argentinians to buy bitcoins amid worsening inflation in the country. Some reports even say inflation has hit more than 118% today, April 23.
The tweet by Steve Hanke, Professor of Applied Economics at Johns Hopkins University, is an estimate from yesterday. During the previous day, estimates were only at 104%. If both numbers are true, then it means inflation is beginning to spiral downwards further as some people say Argentina’s central bank is out of cash.
Specifically, others are alleging that Argentina’s coffers have run out of US dollars and its government is now using customers’ dollar deposits to remain afloat. Operations have been suspended until Monday, according to reports.
Meanwhile, Hanke’s post received backlash as Bitcoin advocates point out the issue of government-issued money. For those who are not aware, Hanke is an economist who is critical of Bitcoin.
Argentina has now topped Turkey in terms of annual inflation. The primary factor that led to the gross devaluation of the Argentine peso is the excessive money printing by the country’s central bank as a quick solution to deficit spending, exacerbated by price shocks due to the Russia-Ukraine war.
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