Is Bitcoin an Option In Argentina as Stock Market Collapses

Argentina is waking to fears of a full blown financial crisis today as the national currency and stock markets slump.

In a surprise outcome to primary elections over the weekend, President Mauricio Macri’s demolition has rattled investors and caused an exodus to begin.

According to Bloomberg , the S&P Merval Index plunged 48% in dollar terms which is the second largest one day rout on any of the 94 stock exchanges the outlet has tracked since the 1950s.

Argentina is no stranger to economic turmoil and worries of a return to times where currency controls, data manipulation, and protectionist policies on trade to protect national industries were commonplace, are growing.

Analyst and trader Alex Krüger pointed out that bitcoin awareness is very low in the South American nation which is heavily hedged to the dollar.

He added that a large spike was expected this week as bitcoin becomes a better hedge than the USD which is also being manipulated by the Trump administration in its protectionist efforts to battle with China over trade.

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