Espert expressed that the government is making zero effort to reach an agreement with the IMF. If an agreement does not get reached with the International Monetary Fund (IMF), it will cause an acceleration in prices that can lead to almost 3-digit [year-on-year] inflation.

In a radio dialogue, a representative of the Province of Buenos Aires for the block Avanza Libertad explained that, in case of reaching an agreement with the IMF, the inflation numbers would not be very encouraging either.

The liberal economist expressed with regret that the agreement with the IMF is not at the top of the agenda of the Argentine government. The deputy added that they better start doing things differently from what they are doing because there is no room for more shortcuts.

The agreement that José Luis Espert mentioned connects with the issue of external debt. Argentina made a request to the international organization for more time to return the more than USD 40 billion it owes for the loan requested in 2018.

The IMF needs the Argentine State to reduce its fiscal deficit and suggests an economic adjustment program. According to the government, doing so would hamper growth. For this reason, the negotiations got stalled.

Inflation: A Monetary Phenomenon

Espert said there is a constant growth of liberal ideas in Argentina, and it has a presence in legislative areas. On that occasion, the also deputy Javier Milei (from the La Libertad Avanza bloc), explained in Congress that “inflation is always a monetary phenomenon,” as expressed by Milton Friedman, a personality from the economic school of Chicago.

The president of Argentina does not think the same way. The president maintains that inflation is a multicausal phenomenon that includes psychological factors. The truth is that living in Argentina is now more and more expensive. According to official studies, the consumer price index (CPI) had an interannual increase of 50.9%. The National Institute of Statistics and Censuses (INDEC) highlighted that inflation will be around 55% this year.

Alternatives to Flee from the Argentine Peso

In this scenario in which a prosperous future is not in sight, Argentines with savings capacity (a minority sector in a country with more than 40% poverty) are looking for ways to escape the constant decay of the peso.

On the other hand, the purchase of dollars got restricted by government impediments. In the South American country, it got forbidden to acquire more than USD 200 per month in the Single Exchange Market (and, in addition, you have to pay taxes to do so).

Within the stock market, CEDEARs got positioned as the preferred option. These are shares of other countries listed “wrapped” in the Argentine stock market as national shares. Although they get valued in pesos, their value follows the original value in dollars.

The defined monetary policy of Bitcoin, with a limited maximum currency (unlike fiat money that can get printed indefinitely) and an issue that got reduced every four years, makes many users think that the upward trend in its price will keep having the same fluctuation.

By: Jenson Nuñez

Although Adams joined the group of mayors who would receive their payment in Bitcoin, information published by  New York indicates that the consignment is about to happen in BTC and ETH through Coinbase.

New York City Mayor Eric Adams receives his first public office paycheck in Bitcoin (BTC), just as he promised in late 2021.

Although Adams had already anticipated that he was completely open to this possibility and that it would be something that was about to happen, this time, it was the New York City mayor’s office the entity that confirmed the situation. It revealed on its website that the remuneration to the mayor would happen through Coinbase.

Most of Adams’ salary will get consigned in Bitcoin. The official also requested that a portion of it get consigned in Ethereum (ETH), which indicates that the mayor would be supporting cryptocurrencies as a technological/economic concept instead of just being a fan of one in particular.

Adams’ first Payment is Entirely in Crypto

When Adams assured that he was joining the group of public officials who would receive their payment in Bitcoin, he highlighted that he would do so with his first three checks.

The representative also added that New York is the center of the world, and people want it to be the center of cryptocurrency and other financial innovations. New York at the forefront of such innovation will help us create jobs, improve our economy and continue to be a magnet for talent.

Encouraging Crypto and Blockchain Education and Positions Related to Public Administration

Many analysts and enthusiasts frame this fact as an achievement in general for the digital currency ecosystem since it would give these assets more visibility as a means of payment for products and services, even within an ecosystem as traditional as digital currencies.

It is worth considering that Adams, in addition to being an enthusiast of digital currencies, also insists on the importance of more and more people handling quality information about these assets and their underlying technology.

 In November of last year, the mayor requested that children begin to become familiar with these issues from primary school to promote greater adoption and understanding of these technologies at an early age.

Something similar happens with the mayor of Miami, Francis Suarez, which insists on offering the possibility to workers and people interested in receiving remuneration for their work and services in Bitcoin.

In this case, the official defines himself as an enthusiast of the first digital currency, defending its deflationary nature and the transparency of its network among its properties.

By: Jenson Nuñez

CoinX claims to have artificial intelligence bots and traders for constant profits. According to many users, the company’s actions resemble that of a Ponzi scheme, a fraudulent activity.

Argentine deputy Javier Milei, from the interblock La Libertad Avanza, has faced many criticisms on social networks recently, due to the support provided to CoinX. This company attracts investments in cryptocurrencies and offers returns of at least 5% per month.

Weeks ago, Milei uploaded a video to her Instagram account in which he appeared with the team of that company and invited people to follow that company. Recently, after the comments received by members of the bitcoin community, he removed the publication.

According to the perception of many, CoinX would be a Ponzi scheme. CriptoNoticias, in the corresponding section, defines these schemes as fraudulent financial operations.

How Does the CoinX Investment Platform Work?

The CoinX website explains that it is an investment in cryptocurrencies and on Wall Street with cutting-edge technology, artificial intelligence, bots, and a team of expert traders.

The page adds an investment simulator that shows that for an investment of 10,000 USDT, a profit of 800 USDT per month would get obtained and 4,800 USDT at the end of the minimum blocking period of six months. A disclaimer clarifies that simulated investments do not guarantee profitability.

These high investment returns, the blocking of capital for six months, and the incorporation of non-auditable elements such as artificial intelligence, a team of traders, and bots, arouse suspicion in many bitcoiners.

For example, Franco Amati, one of the co-founders of the NGO Bitcoin Argentina, is convinced that CoinX is just another Ponzi. The bitcoin puts him in the same category as companies like Generación ZOE and Vayocoin.

According to Amati, the pyramidal scams of Argentine origin get encouraged by celebrities and other mercenaries. According to Amati, these companies simulate some activity related to digital currencies and promise returns of 8% per month in USD or similar.

Regarding Milei and his participation in the promotion of CoinX, Amati says that the economist and deputy did this for a few pesos with total ignorance that it was a scam.

 Fernando Dalmau, a prosecutor of the Public Ministry of the Accusation, added some comments about the situation. According to his observation, the financial companies that offer high returns capture clients of a particular political ideology.

CoinX Defends Itself Against the Accusations

CoinX has not remained silent about the accusations it received on social networks. A statement published by the company details that they provide “advice in the financial field and traditional and non-traditional investments.”

Regarding the investments in cryptocurrencies offered, they indicate that they got backed by the regulations of El Salvador. Finally, the company defends itself by denying that they guarantee returns.

The company continues to offer its investment services. Their latest post on Instagram ensures that they have the solution for those who think about quitting their jobs because they are tired of working so many hours a week.

By: Jenson Nuñez

A trader lost at least $9.91 million due to the liquidation he experienced on the Bitmex exchange. According to analysts, BTC could be bottoming out; some believe this decay would continue.

Altcoins usually follow the trend of the pioneering cryptocurrency and are also in the red. The fall of ether (ETH) and Binance Coin (BNB) is almost 8.5%, and they get located at USD 2,870 and USD 430, respectively.

Lower capitalization digital coins had a higher price decrease percentage. Cardano (ADA) experiences something like this, with its price circling 9% to touch USD 1.24. For its part, Solana (SOL) is trading at USD 123, which represents a reduction in its price of at least 9.8%.

USD 727 Million got Liquidated on Cryptocurrency Exchanges

Holders, investors who buy these coins as a long-term investment, may take comfort in the confidence that their holdings will appreciate in the future. Those who do not enjoy the falls are the ones who operate with leverage in bitcoin derivatives exchanges and other crypto activities.

The CoinGlass statistics site reports that in the last 24 hours, liquidations in exchanges exceeded USD 727 million, and in total, 189 thousand traders got liquidated. This website adds the most prominent liquidation on Bitmex, where an individual trader lost $9.91 million.

If users look only at the bitcoin derivatives market, they would see that the liquidations were around USD 2.49 million. This situation means that if the current price of the cryptocurrency gets considered, leveraged traders would have lost 63.84 BTC, which passed into the hands of exchanges.

 The Drop of the Bitcoin Price

The big question for bitcoin investors and market analysts is whether this is the bottom of the decline or its continuity. Days ago, an analysis of professional trader Willy Woo got released. According to this analyst, bitcoin was about to reach the bottom but, it bounced back.

If Woo’s analysis is correct, perhaps this is a good time for those who can buy more BTC, waiting for the imminent increase in its price.

However, there are also no optimistic price predictions. According to the weekly report of the company Glassnode, the bears are at an advantage, and the downtrend would be more likely to continue.

Tenkan Trading had warned yesterday (when the price of BTC seemed to be heading higher) that the possibilities of a fall continued to exist.

According to this technical market analyst, it would not be impossible for BTC to return to prices that have not been seen for many months, for example, the area around USD 20,000.

By: Jenson Nuñez