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BTC · 4w

I'm Argentinean and I wrote an essay about what is happening in my country with Bitcoin.

1. A perspective from an inflationary abyss

For someone who lives in Argentina, the recent global discussions about the high inflation rates emerging from the global health crisis seem to be part of the usual landscape. Indeed, is not breaking news for Argentina to hear about high inflation this year, even more, in any period of recent history. The data in this regard are quite clear: Argentina has not grown in any of the last ten years, accumulated an inflation rate of 1500% and increased its number of poor people from 26% to 45%. But the problem is not confined to the technical aspect. After all, Goethe stated with special clarity that “All theory is gray, dear friend, and green is the golden tree of life”. In recent times, the COVID-19 exacerbated the existing miseries, the debt crisis pushed away the possibility of recovery and the agreement with the IMF for 57 billion dollars was not reflected in absolutely nothing. That money is simply no longer in the picture. Instead, what is there is the result of this disastrous combo. Inflation exacerbates pauperization and misery inhabits the streets as in a sort of gloomy literary resurrection of Dickens’ work.

Covid-19 came at the most inopportune time in the country’s economic history.

The minimum monthly wage for formal workers is $150, while the minimum pension is $125. The workers thus work for 7 dollars a day, which translates into something around 0.9 dollars an hour. Although the above data speak of the minimum values, mention is made of registered workers, that is, there is no official information on those workers who are in a relationship of informality. In this case, salaries are most of the time above minimum wages, but, at the same time, they are below them, turning the fact of work into a gear of the logic of survival.

But a curious and sad lesson emerges from the mentioned above: inflation does not have a merely technical reflection; it translates into social desperation when it worsens...

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