Bitcoin could be the right option for Argentina, says the Bitcoin Market Opportunity Index (BMOI). According to the research conducted by BMOI, Argentina have all the necessary requirements to begin adopting Bitcoin as a country. It is the first attempt to determine the economic potential for 177 countries to adopt the use of Bitcoin.
The study conducted by the BMOI says that in the index that is composed of 39 variables designed to measure Bitcoin’s potential adoption in a given country, Argentina scored well above the other countries. It studied variables that are divided into seven equally-weighed categories that make up the BMOI rankings.
The seven categories in the BMOI index included inflation, technology penetration, financial repression, remittances, black market, historical financial crisis, and Bitcoin penetration. The study shows that this South American nation has taken great interest in Bitcoin; this is visible as last year’s values were between 30% and 40% higher than in neighboring Uruguay.
Argentina Has Higher Level of Concentration of Outlets Accepting Bitcoin
Also, the country organized several well-attended Bitcoin meet-ups which were held at upscale venues in Buenos Aires. The events like the one by Dr Hugo Scolnik, a world renowned professor of mathematics, and Mauricio Taslik, an expert in cryptography and identification technologies attracted thousands of Bitcoin enthusiasts in the country.
The popularity of Bitcoin has gone up in Argentina due to unforeseen circumstances; one being that the government of the country has imposed a lot of restrictions on exporting the national currency and abolished the USD. This for many people in the Bitcoin ecosystem is an indication that the country may become the first nation to adopt Bitcoin on a national level.
Bitcoin May be Used for Circumventing the Losses Made Out from Banning the USD
Their logic behind such an assumption is that the country may do so to circumvent the damaging effect on their financial freedom that the outlawing of dollars and introduction of the worthless Cedin pseudo-currency last year may well have. The BMOI suggests that Argentina has all necessary situations ready for Bitcoin.
The study says that as Bitcoin is being viewed as the route to the free market by Argentinian businesses, particularly, when many of retail outlets increasingly cancelling their credit card machines and accepting Bitcoins, it looks the country is heading towards the digital currency which can generate them a lot of benefits.
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