2023-08-14 14:55:00
The PASO 2023 had a surprising outcome, for many: Javier Milei became the main winner of the evening, getting 30% of the votes with La Libertad Avanzawhich was positioned as the most voted force; above Together for Changewith Patricia Bullrich as the winner of the internal and Union for the Homeland.
And the sensations behind this result are transferred to the markets. One of them, that of cryptocurrencieswhich have long been positioned as a An alternative highly sought following by Argentines when it comes to investing and asserting their income or savings.
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Here appears the “crypto dollar”the stablecoin, pegged to the US exchange rate, which it is bought or obtained through operations with crypto assets.
Where can you buy the crypto dollar
These can be purchased on different platforms; one of them is Binance, the world’s leading blockchain ecosystem. Another notable one is Lemon Cash, the most used digital wallet in Argentina. Although there are also alternatives like SatoshiTangoalso of national origin, Bitso, Ripio and BuenBitamong other.
Anyone with an Internet connection can purchase USDT in these applications using Argentine pesos and completely freesince this, like the rest of the coins of its type, is not regulated or controlled by any institution.
“If one wants to buy, The ideal is to use a trusted site. One can transfer pesos to virtual wallets and acquire a crypto. They are very simple transactions. You do the operation and then, yes, you have to send it to a personal account in dollars, if that’s the end goal. Otherwise, one can choose to save the USDT in the virtual wallet,” he described Elena Alonsomarket analyst, in dialogue with Perfil.com.
The Milei surprise put pressure on the market and Massa will face strong devaluation pressure
What is the difference between the “crypto dollar” and the traditional one?
An important point is that the quotes are negotiated between private parties (P2P), buying directly from another user and establishing a currency value by consensus. “No one sets a general price, but it is governed by supply and demand. The same thing happens in the market but it is a little more regulated. That is the attraction of crypto, which is decentralized finance,” Alonso added.
Another aspect that differentiates it from the more “traditional” dollar, the banknote, is that it can be purchased at any time: 24 hours a day, seven days a week. Although this possibility also makes the exchange rate more volatile and can change even when the traditional exchange market is closed. Therefore, it can be affected by events (such as an election) that modify the value in real time, when in other cases the effect would manifest itself, to mention, hours or days later.
The repercussions of the PASO on the “crypto dollar”
Regarding the PASO, and the repercussion of Javier Milei’s triumph and, among other aspects, the defeat of the ruling party, with the Minister of Economy, Sergio Massa, at the helm, The “crypto dollar” had many movements during the closing of the day on Sunday.
According to the values published by different exchanges, the purchase price exceeded, at the end of the elections, $630 and, in some cases, crossed the barrier of $675implying an increase of $70 compared to Friday’s close. And, in the early hours of this Monday, it is trading with maximums above $700.
“Seeing that, during the counting of votes, they really began to talk regarding Javier Milei coming strong, and that one of his campaign axes is dollarization, in a country with scarce reserves and where, if it occurs, the type of change would be very high, the demand for USDT increased, which increased the price“, argued Elena Alonso.
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What is the outlook for the future?
However, and far from stopping, everything would indicate that this upward and volatile trend would continue. “This week the dollar will be overheated and, I believe, this will continue until October. Many people, due to uncertainty, are moving to this type of change. We must be more than ever in conservative assets like these, but be careful with cryptocurrencies; without buying the ones I don’t know or don’t have backup. USDT is tied to the dollar, it has other forms, to say the least.o”, concluded the economic analyst.
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