2020-5-5 19:14 |
Iran’s parliament votes to institute a new currency as coronavirus and sanctions hyperinflate the rial and local Bitcoin prices skyrocket relative to official exchanges.
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Bitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300% inflation in the period.
The ban is intended to reduce Argentina's payment-system exposure to digital assets, said the monetary authority.
Amid the initial bank failures in the U.S., the tech entrepreneur in mid-March had bet $1 million that bitcoin would hit $1 million within 90 days.
Balaji Srinivasan, former CTO of Coinbase, grabbed a lot of attention last week with his bet that Bitcoin will reach $1 million within the next 90 days, and also received a lot of criticism for his “unrealistic” prediction.
Bitcoin’s historical price performance confirms that a hard limit on total supply and seamless global usability is critical to becoming a store of value.
The long-standing claim that bitcoin is a hedge against inflation has come to a fork in the road as inflation is soaring, but the bitcoin price is not.
Many contributing factors have led to a rise in inflation, which bitcoin offers an escape from.