The average income of an Argentinian is quite low. There's a lot of people who don't make much money in Argentina. And so they don't, it doesn't make sense for them to move any money into dollars to save because they don't have any money to save. But over the last few years crypto is starting to make an impact on and climbing up the charts in terms of how many people are using it to save. The idea that you would want to convert your paycheck out of your native currency quickly, because it will lose value is not an experience when people have had hyperinflation.
Devon Zuegel talks with EconTalk host Russ Roberts about the crazy world of money and finance in Argentina. When inflation is often high and unpredictable, people look for unusual ways to hold their savings. And when banks are unreliable because of public policy, people look for unusual ways to keep their savings safe and to make financial transactions. Welcome to Argentina, where Zuegel finds surprising applications of cryptocurrency for solving problems.