Bowling BTC – Strike, the payment application Bitcoin (BTC), arrives in Argentina to “give hope” to a population crushed by record inflation. What will be Strike’s next target country in Latin America?
Bitcoin scores: Strike lands in Argentina
On January 11, 2022, Strike founder Jack Mallers announced in a tweet the launch of certain platform services in Argentina. Strike makes it easy to buy and sell bitcoin. It also relies on the Lightning Network to allow BTC transactions to be carried out almost instantaneously and at a lower cost.
Strike users in Argentina will now be able to benefit from instant funds transfer services at close to zero fees, accept or send “tips” on Twitter, and simply carry out peer-to-peer transactions.
However, they cannot currently access certain features, such as the one that allows them to convert all or part of their pay into bitcoin when it is paid.
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Reversing the keel of inflation in Argentina: bitcoin as a hedge?
Jack Mallers particularly underlined the serious problem caused by hyperinflation in the country, but also “predatory payment networks” and “unusable cross-border transfers”: for him, it is only natural that Bitcoin can provide a solution to these problems for the population.
“Argentina needs the best monetary asset and the best monetary network in the history of mankind: Bitcoin. »
Jack Mallers, founder of Strike
According to an article from November 11, 2021 in the Buenos Aires Times which reproduces official data from the national statistics office INDEC, inflation in Argentina amounted to 52.1% in the last 12 months. This rate is one of the highest in the world. Due to its deflationary nature, Bitcoin has acquired over time an inflation hedging asset status.
Asked by host Kelly Evans during CNBC’s Power Lunch program whether Venezuela could be the next country to see Strike land, Mallers made no secret of his ambition: for him Strike does not does not target a particular country, but the whole world.
An Argentine legislator had tabled a bill to allow workers in the country to receive part or all of their salary in bitcoin. Could Argentina follow El Salvador’s path by legalizing Bitcoin? Strike is now one step ahead if this scenario occurs.
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