One Argentina Lawmakers have suggested that citizens should save their money in crypto instead of United States dollars.
The comment came from MP Martin Tetaz, a member of the City of Buenos Aires.
Tetaj was responding to a tweet by fellow Buenos Aires lawmaker Ramiro Marra.
Marra asked politicians “opposing the dollarization of the Argentine economy” “in what currency do they keep their savings.”
To this Tetaj replied-
“In crypto.”
After years of hyperinflation, this year inflation has crossed the 100% mark.
This has sent many citizens looking for ways to safeguard their savings.
While some have sought to buy USD and other international currencies, others have turned to cryptocurrencies.
btc price last month Argentine peso hits all-time high,
And some politicians have claimed that the country should turn its back on the struggling peso and instead adopt the USD as legal tender.
However, similar moves elsewhere in Latin America have led to economic problems.
This has led some lawmakers, such as Tétaz, to oppose plans to “dollarize” the Argentine economy.
Who is Argentina’s crypto-endorsing lawmaker?
Tétaz is a member of the Radical Civic Union, one of the main opposition parties that make up the Juntos por el Cambio (Together for Change) coalition.
Tetaj was elected to the office in the 2021 general elections.
He is a graduate of the Department of Economics at the National University of La Plata, Argentina.
But the recent comments were not the first public statements Tejas made about the merits of crypto.
On February 9, 2021, Tetaz said it was “buying bitcoin (btc)as an “experiment”, although he had no plans to one day “become [another] Elon Musk.”
In October of that year, Tetaz told his Twitter followers that he was selling $63,000 worth of BTC.
He made the announcement just a week before BTC is set to hit an all-time high in November 2021.
media outlet livecoins It is reported that Tetaj wrote at the time:
“It’s a beautiful time to sell the bitcoin you bought at $46,000 and buy it back during the next dip. FLYING RATE!”
President Alberto Fernandez previously spoke in favor of the potential use of crypto as a store of value.
Fernandez calls crypto a “hard currency” during 2021 TV interview,
But the head of state has recently announced that he will not run for re-election in 2024.
This could leave the door open for other crypto-friendly politicians, like presidential candidate xavier miley,