Before looking forward to the promotion of Bitcoin in Argentina, let’s review the results of the experiment in El Salvador, the first country to adopt cryptocurrency as legal tender. In fact, there is very little private use (according to data from the Central Bank of El Salvador, in the first six months of 2023, Only about 1% of remittances received are in Bitcoin; the transaction speed and cost of Bitcoin are not suitable for daily payments, but it has a huge cost advantage for cross-border remittances. The World Bank will calculate the average cost of cross-border remittances of US$2006 %), but it promoted the rebound of El Salvador’s national debt (0.26-0.8). The good performance of Bitcoin prices this year is an important reason behind it. It is somewhat similar to Microstrategy. In short, Bitcoin has not become a currency, but it has become a reserve that outperforms the US dollar. things.

The chart below shows the price performance of El Salvador’s 10-year government bonds: