Argentina is immersed in a deep economic crisis, and as if that were not enough, it is approaching a possible default. Inflation is unchecked, and the possibility of issuing a new $5000 Argentine pesos (0.0039 BTC) note is already being analyzed, which is in the midst of a controversy.
At the moment the largest denomination bill is $1000 pesos, which is equivalent to about US$ 14 at the official exchange rate, and about US$ 7.78, if you take the blue or illegal dollar rate (128 pesos at the time of writing.
Although official sources have not confirmed the new issuance of the 5,000-peso bill, its image is already circulating in the country’s main digital media.
What is the current exchange rate of the Bitcoin dollar into Argentine pesos?
Why the controversy of the 5000 pesos bill?
In the midst of this pandemic and national financial crisis, the Argentine government is about to issue a new 5,000-peso bill with the faces of two prominent doctors, Cecilia Grierson and Ramón Carrillo, the text begins with an explanation of who each was, according to the online media La Nación.
The controversy has been triggered by the Facebook post of the Simon Wiesenthal Centre Latin America, which linked Ramon Carillo to none other than Hitler.
5,000 ticket equals only 0.0039 BTC
Original source: Facebook
The statement concludes with the quotation of Dr. Shimon Samuels and Dr. Ariel Gelblung, directors of International Relations and Latin America at the Wiesenthal Center, respectively: „We emphatically reject the choice of such a character, who will sully Argentina with his image on its largest denomination banknote.
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The 5000 peso note is equivalent to only 0.0039 BTC
At the time of writing, a Bitcoin is traded for $1,277,000 pesos in the Argentine Republic, so its $5,000 pesos bill would be equivalent to only 0.0039 BTC.
Bitcoin value in Argentine pesos. Source: SatoshiTango
For some time now, Argentines have been using Bitcoin as an active refuge for their dollars, due to the strong exchange restrictions imposed by the country since August 2019. Currently, a private investor can access a maximum of US$ 200 per month.
The Bitcoin dollar has become one of the most important references for the amount of dollar values in the country. Its price is calculated by dividing the value traded in Argentine pesos, with respect to the quotation in international markets.
Thus, it gives us a value of $131 at the moment. A little higher than the Blue or illegal dollar.
Finally, it is important to note that larger denomination bills are needed in Argentina, since with the $1000 you can buy very little. However, the $5000 or whatever value, should carry an image of someone who is worthy of carrying it, whether it is a doctor, a hero or a small animal like the current designs.