Argentina is indirectly helping bitcoin.

On September 1st, Argentina announced capital controls for its citizens.

Specifically, that they would not be allowed to purchase more than $10k worth of foreign fiat currencies.

This is due to their peso falling considerable against most fiat currencies.

The story can be seen here:

How does that benefit bitcoin?

According to Preston Byrne, this should help drive more demand for bitcoin.

Bitcoin peer to peer exchanges are much harder to police than fiat exchanges according to Byrne.

Which means, as the Argentinian people are cut off from other fiat currencies they will likely flock to bitcoin.

In fact, we can already see evidence of that as the price of Bitcoin is trading for a $1,000 premium on some Argentinian exchanges.

This is just another example of how bitcoin as "schmuck insurance", makes perfect sense.

It is a hedge against governments inflating their money away, and we are seeing it play out first hand in Argentina and also in Venezuela.

Stay informed my friends.

Image Source:

-Doc