Bitcoin Price Watch: Currency Is Being Pushed in Argentina

At press time, the father of cryptocurrency is trading for just under $3,900. This is slightly less than where it stood this morning ($3,956), and even lower than where it was trading during our previous price article.

Bitcoin’s refusal to really move is bearing advantages for other forms of crypto. Polymath, for example, has exploded in recent days despite a near 90 percent drop during the crypto crash of 2018. It is estimated that if bitcoin continues to maintain sideways movement, altcoins and competing forms of digital cash will experience beneficial gains in the coming months.

BTCUSD: Bitcoin - Weekly Chart and Important Trend Lines

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But to many, bitcoin will always be number one. An everlasting bull can be found in venture capital investor Tim Draper, who allegedly met with Argentinian President Mauricio Macri. The purpose? To potentially explain the value of bitcoin and push for its legalization. Draper is confident bitcoin can help Argentina’s economy expand.

He claims:

“We were speaking of bitcoin and the devaluation of the peso, and I proposed a bet. If the peso would be valued more than bitcoin, I would double my investment that I was making for the country. If bitcoin gained a higher rate than the peso, they would have to declare it a national currency. That would be a perfect decision, as there’s a lack of confidence in this coin.”

The Argentine peso has experienced serious devaluation, and bitcoin enjoys high popularity in Argentina. The country is home to several bitcoin and cryptocurrency ATM machines. The country also began investing in blockchain projects backed by Binance in early March, but Draper feels the country could be doing more. He argues that bitcoin and blockchain technology are more revolutionary than the internet. He also states that both could assist Argentina’s banking system, commerce and financial infrastructure.

Draper has reiterated his belief that bitcoin will surpass the $250,000 mark in either 2022 or 2023, and that in five years, only criminals will use fiat currency.

Unfortunately, criminals still seeing bitcoin as a potential scam tool. Admitting neither guilt nor innocence, broker Daniel Todd Levine of Colorado recently worked out a deal with FINRA banning him from the securities space for engaging in alleged misconduct. Levine is accused of soliciting customers to borrow money for outside business activities and pushing unauthorized trades.

Levine is also accused of running a scam with his brother, a wanted fugitive in Europe that has allegedly been avoiding apprehension from U.S. lawmakers since 2005. The con involved purchasing bitcoin from an overseas provider at a discounted rate and providing it to investing customers, but no coins were provided. It is allegedly that roughly $1.5 million from different investors was sent to Levine’s brother.

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