Sandleris recognized that he would have bought BTC with Central Bank reserves. Sandleris was a former president of the Central Bank of Argentina during the Macri government.
The former president of the Central Bank of Argentina (BCRA), Guido Sandleris, highlighted bitcoin while giving his opinion regarding the report revealed on December 23 by the International Monetary Fund. In that document, he studied the loan made to Argentina in 2018.
Sandleris highlighted that one of the deals with the report is to analyze everything with Monday’s newspaper. The former official used the expression “Monday’s newspaper” to describe how easy it is to comment on a situation long after the events have already happened.
Sandleris explained that decisions must also get evaluated with the information available at the time of making them. He then added that ith the Monday newspaper the bank should have bought bitcoins with the reserves, and that’s it.
Acquiring bitcoin would have encouraged Argentina to boost its Central Bank reserves with the price increase that the cryptocurrency had since then. In early 2018, BTC got valued at $ 15,321, while now it is trading at $ 51,022, according to studies.
Analysts Suggest Argentina the Acquisition of Bitcoins
Santiago Siri, CEO of DAO Education, a school on blockchains and cryptocurrencies was one of the analysts that recommended the government purchase Bitcoin. Siri sent a communication to the government and the Central Bank of Argentina suggesting to put 1% of the reserves in bitcoin.
The analyst highlighted that, if Argentina uses a minimum fraction of its reserves in bitcoin, it would instantly become a dominant country in the international financial system that will become relevant in the upcoming years.
The developer explained in 2014 that the opportunity to make that bet was back then. And he added that as never before in history, Argentine people are one step away from being able to begin to think of themselves as a country with high capacities for improvements if the necessary political will gets achieved.
The investor Tim Draper also suggested using cryptocurrency to the Argentine government. Tim Draper explained that changing the Argentine peso for bitcoin would stop the devaluation of the currency and the flight of Argentines and companies to other nations.
The investor told Mauricio Macri that he would duplicate his investment in Argentina if the Argentine peso valued more than bitcoin over time, something that, according to the investor, would not happen.
Draper expressed to Macri in 2019 that he would have to make the cryptocurrency legal tender if its price increased more than the Argentine peso. Since that event, Argentina’s peso has crumbled down at least 75% against the US dollar, and bitcoin has reached a peak that surpasses 1,300%.
By Jenson Rivas
