Latin American nations are very adaptive with crypto market. Politics, economy in those nations are unsustainable so locals have to find more safe havens. They see opportunities in Bitcoin and crypto and maybe they see less risk compare to fiats.
I've been hearing this for 5 years and to date other than surveys claiming millions of owners there is zero proof of poeple there actually making a massive move towards crypto, let's not even star the whole nodes/atms/business debate, there is nothing there other than claims.
Rember
how dash was saying people are using dash more than anything in Venezuela? That was 2017, where is dash now? Where are the hundreds of thousands of active users?
It would be a completely different experiment in terms of scale if Argentina actually adopted bitcoin as a legal tender, after all El Salvador has roughly 7 million citizens while Argentina has 44 million citizens, that is more than 6 times the population of El Salvador.
It's not just that is' bigger it also has double the GDP per capita and unlike Salvador, it doesn't get 20% of it from remittance, so in terms of an economy is close to 20 times bigger than Salvador.
But things are way more complicated in Argentina, with Salvador it was easy, they didn't have their own currency, they used the USD, it was simple to add a legal tender next to a somewhat stable currency, what are you going to do in their case? Besides, there is another problem, those bitcoins poeple are purchasing must come from the outside, and poeple will not want pesos but USD, so every exchange they will make will put more pressure on their currency. It's like importing goods when somebody wants USD, not your currency, and we all know what this triggered both in the 90s in Europe or exactly in South America at the end of the 70s.
