{"id":4098,"date":"2023-05-04T09:19:54","date_gmt":"2023-05-04T13:19:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/argentinian-lawmaker-suggests-saving-in-crypto-not-usd\/"},"modified":"2023-05-04T09:19:56","modified_gmt":"2023-05-04T13:19:56","slug":"argentinian-lawmaker-suggests-saving-in-crypto-not-usd","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4098","title":{"rendered":"Argentinian Lawmaker Suggests Saving in Crypto, Not USD"},"content":{"rendered":"
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An Argentinian lawmaker has suggested that citizens should save their money in crypto, rather than United States dollars.<\/p>\n

The comments came from the MP Martin Tetaz, a member for the city of Buenos Aires.<\/p>\n

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Tetaz was responding to a tweet from a fellow Buenos Aires MP, Ramiro Marra.<\/p>\n

Marra asked \u201cpoliticians who oppose the dollarization\u201d of the Argentine economy \u201cin what currency they keep their savings.\u201d<\/p>\n

To this, Tetaz responded:<\/p>\n

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\u201cIn crypto.\u201d<\/p>\n<\/blockquote>\n

Inflation has soared above the 100% mark this year, following years of hyperinflation.<\/p>\n

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This has sent many citizens in search of ways to safeguard their savings.<\/p>\n

While some have sought to buy USD and other international currencies, others have turned to crypto.<\/p>\n

BTC prices last month hit an all-time-high in Argentinian pesos.<\/p>\n

And some politicians have claimed that the nation should turn its back on the struggling peso and instead adopt the USD as legal tender.<\/p>\n

Similar moves elsewhere in Latin America have led to economic problems, however.<\/p>\n

This has led to some MPs, such as Tetaz, to oppose plans to \u201cdollarize\u201d the Argentine economy.<\/p>\n

Who Is Argentina\u2019s Crypto-endorsing Lawmaker?<\/h2>\n

Tetaz is a member of the Radical Civic Union, one of the main opposition parties that form the Juntos por el Cambio (Together for Change) coalition.<\/p>\n

Tetaz was elected to office in the 2021 general elections.<\/p>\n

He is a graduate of the Economics Department at Argentinia\u2019s National University of La Plata.<\/p>\n

But the recent comments were not the first public statements Tetaz has made about the virtues of crypto.<\/p>\n

On February 9, 2021, Tetaz stated that he was \u201cbuying Bitcoin (BTC)\u201d as an \u201cexperiment,\u201d although he had no plans to one day \u201cbecome [another] Elon Musk.\u201d<\/p>\n

In October of the same year, Tetaz told his Twitter followers that he was selling some $63,000 worth of BTC.<\/p>\n

He made the announcement just week before BTC reached its all-time peak price in November 2021.<\/p>\n

The media outlet Livecoins reported that at the time, Tetaz wrote:<\/p>\n

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\u201cIt’s a beautiful time to sell the Bitcoin you bought at $46,000 and buy it back during the next dip. Let\u2019s go!\u201d<\/p>\n<\/blockquote>\n

President Alberto Fern\u00e1ndez has previously spoken in favor of crypto\u2019s potential use as a store of value.<\/p>\n

Fern\u00e1ndez called crypto a \u201chard currency\u201d during a 2021 TV interview.<\/p>\n

But the head of state has recently announced that he will not run for re-election in 2024.<\/p>\n

This could well leave the door open for other crypto-friendly politicians, such as the presidential hopeful Javier Milei.<\/p>\n<\/p><\/div>\n