You know what else also hit an all-time high against the Argentinian peso? Cans of tomatoes, airline tickets, Bosch dishwashers... basically everything because that's how inflation works

I have friends in Argentina. You know how they are protecting against inflation? Good old US dollars.

Yes, the government is making that harder every day but there are (very time consuming) ways around that.

Yeah, go pay for bred at the store with Bitcoin in Argentina. How much is the transaction fee again? /s

I'm also smiling when the crypto bros are shilling Bitcoin for the millionth time as an anti-inflation snake oil, when the USD was used back in the '90s in Eastern Europe for this, and is still used in Russia for the same scope today.

Buying dollars outside the pittance allowed by the government is illegal, so that's not what we are using to buy bread either.

The people selling bread don't know what crypto is so yeah, you will use fiat for "last mile" payments most of the time.

However, crypto is being broadly used here, I know people who have been receving 100% of their salaries in crypto for years now.

Most of the people doing freelance work will resort to some type of cryptocurrency, otherwise when you get paid you automatically lose 50% of your money. The banks, on behalf of the government, will take your USD and give you ARS at half the real exchange rate.

Authoritarian governments stealing your foreign currency out of your bank accounts are orthogonal issues to USD being a good anti-inflation currency.

Growing up in post-Communist Eastern Europe, everyone was using USD but the banks or governments wasn't touching them. People exchanged USD on the black/gray market and storing them at home in safes or various hidden ways. No government and no banks. It worked quite well while it lasted.

Then the Euro came and our own currency got pegged to that so it's less common today except for expensive items like fancy cars or real estate.

And since we're off-topic anyway, there is no global fixed inflation for everyone but each currency has seen a completely different value of inflation, and USD inflation is far lower than most other currencies that saw proper inflation.

You're far far better off having your savings in USD than Turkish lira or Argentinian pesos or Russians rubles or even Hungarian Forints. USD inflation is a joke in comparison.

https://www.cliffsnotes.com/study-guides/economics/money-and...

But that’s not really the point though, is it?

As the earlier poster from Argentina said, pesos are used for the “last mile”. Whoever you’re trading sats for pesos with are likely to be familiar with Lightning and willing to do the trade with it because it’s fast and cheap.

As for the issue of broader adoption, that’s just a matter of education, trust, time, and the right incentives to make the switch in a hyperinflationary environment…

The same thing is true for the US Dollar, it’s also at an ATH vs the Argentine Peso. It’s also substantially less volatile than BTC.