Crisis in Argentina grips the headlines today. The Argentine peso (ARS) collapsed 30 percent in a matter of minutes yesterday while the stock market caved 48 percent before recovering.
Bitcoiners quickly jumped on the narrative to promote the world’s dominant cryptocurrency. Many claimed that bitcoin was “surging” in Argentina while others encouraged locals to “find safety” in bitcoin.
But the narrative was quickly slammed with hard reality and facts from Alex Kruger, a macro trader and Argentine local. Far from rushing to bitcoin, he said locals are seeking refuge in the dollar and pointed to tiny BTC volumes in Argentina yesterday.