According to Michael Saylor, families in Argentina need Bitcoin, an ethical solution to local problems. The crisis in the country continues with exchange and inflation problems, in addition to a recent change in command of the Ministry of Economy, which has led to greater instability in the country. The local government, headed by Alberto Fernandes, faces the scenario of the Argentine economic crisis with economic policies followed that apparently do not give results. In this way, the local population continues to see how the local currency loses more strength and at an accelerated rate. Last week, the government announced that Argentina’s official inflation reached 64% in 12 months. With a loss of purchasing power melting away aggressively, consultancies believe the country is likely to experience 90% inflation in 2022, virtually burying the value of the Argentine peso forever.
Billionaire warns families in Argentina and says that “the ethical solution for the financial refuge is Bitcoin”
Bitcoin it is a digital currency issued in a decentralized way and, since its creation, it has never changed its rules for issuing new coins. Thus, the predictability of the issue makes this an innovative monetary system, created with inviolable technology and protection. However, the same cannot be said for fiat currencies, those issued by central banks, like the Peso, for example. According to Michael Saylor, a billionaire and businessman who trusts the Bitcoin protocol, this digital currency is the only hope for the population of the neighboring country of Brazil. This is because the peso has lost almost 100% of its purchasing power in the last 20 years, a clear indication that the currency does not guarantee a good quality of life for its population. For Saylor, the way central banks issue currency and inflate the monetary base is a serious problem. In this way, Bitcoin It would be an ethical solution for Argentine families to prosper again, those facing one of their worst crises, according to the billionaire.
“In countries suffering from collapsing currencies, centrally managed banks, capital controls, and excessive economic regulations, corporations, individuals, and families need an ethical global economic solution like Bitcoin to protect their wealth and prosper.” .Michael Saylor
In countries suffering from collapsing currencies, centrally managed banks, capital controls, and excessive economic regulations, corporations, individuals, & families need a global ethical economic solution like #bitcoin to protect their wealth & prosper.https://t.co/u7JAdFmnVx—Michael Saylor⚡️ (@saylor) July 14, 2022
In practice, billionaire company faces crisis with Bitcoin
Although it has been on the decline in recent months, in the long run, the price of bitcoin shows that it may indeed be a store of value, at least in the opinion of Michael Saylor. Last Saturday (16), he shared with his followers that his company MicroStrategy started buying bitcoins in August 2020. At that point, they bought their first 21,000 BTC. Since then, MicroStrategy shares have risen 73%, outperforming major tech stocks including Google, Apple, Amazon, Meta (ex-Facebook), and more.
“On August 11, 2020, MicroStrategy embarked on its Bitcoin strategy, acquiring 21,454 bitcoins at a total purchase price of $250 million. Yield since: $MSTR is +73%, GOOG is +51%, AAPL is +33%, MSFT is +23%, AMZN is -27%, META is -37%, NFLX is -61%.”
On August 11, 2020, @MicroStrategy embarked on its #bitcoin Strategy, acquiring 21,454 bitcoins at an aggregate purchase price of $250 million.Performance since that time: $MSTR is +73%, GOOG is +51%, AAPL is +33%, MSFT is +23%, AMZN is -27%, META is -37%, NFLX is -61%.— Michael Saylor⚡️ (@saylor) July 16, 2022
In other words, the billionaire is convinced of the idea that he is now presenting to families in Argentina, who are fleeing the local currency in its fall. Recently, Saylor had a meeting with former Argentine President Mauricio Macriwhere he introduced the concepts of Bitcoin to the politician.
