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Argentine Billionaire Says Bitcoin Is Better Than Gold, But That It Will Not Topple Fiat Currencies
Summary: Argentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin, stated that Bitcoin is a better store of value investment than gold, but shared doubts that digital assets would topple fiat currencies in a recent Twitter thread. Galperin was responding to a follower who asked if he held BTC and if he thought ...
Argentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin, stated that Bitcoin is a better store of value investment than gold, but shared doubts that digital assets would topple fiat currencies in a recent Twitter thread.
Galperin was responding to a follower who asked if he held BTC and if he thought Argentina may adopt cryptocurrencies as the nation's primary currency. Galperin replied that the high energy costs of transacting in Bitcoin would prevent nations from adopting crypto as a primary currency.
Bitcoiners have begun combatting the argument that Bitcoin is energy inefficient by stating that most of the energy used by miners is renewable. However, many still point out that China is the base of most cryptocurrency mining operations and much of their power comes from coal mining.
Galperin's home country of Argentina is known for its troubles with inflation, causing Bitcoin supporters to point to the nation as an ideal use case for a new global, digital currency. As of December 2020, Argentina had a reported inflation rate of 40% while its currency depreciated by as much as 94% against the U.S. dollar.
By Emily Mason
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Link: Argentine Billionaire Says Bitcoin Is Better Than Gold, But That It Will Not Topple Fiat Currencies [Copy]
