The South American country’s citizens can now buy bitcoin, get paid in bitcoin, and send and receive money instantly with no fees.
Lightning payments platform Strike has made its services available to Argentinians on Tuesday in an effort to “give hope” to a population that suffers from hyperinflation, according to an announcement Twitter thread from its founder Jack Mallers.
“Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers,” Mallers tweeted on Tuesday. “Today, we use the world’s open monetary network, Bitcoin, to give hope to the people of Argentina.”
Mallers went on to explain that the country “is plagued with a history of economic turmoil and uncertainty,” something Bitcoin could help fix. The peer-to-peer monetary system with a limited and immutable supply of money enables Argentinians to hold sound money that gains in purchasing power both in relation to the peso and the U.S. dollar. A devaluing national currency impairs citizens’ ability to save while it quietly erodes their purchasing power through inflation. In the case of Argentina, annual inflation is currently already above 50% as the country struggles to emerge from a long-lasting recession.
“There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship,” Mallers said, adding that “Argentina needs the best monetary asset and the best monetary network in human history: Bitcoin.”
By launching in Argentina, Strike enables financial freedom to the country’s citizens as they can now hold sound money in the form of bitcoin without worrying about inflation and restrictions. The Strike app provides its customers with the ability to buy bitcoin, get paid in bitcoin through automatic paycheck conversions, and instantly transfer or spend money without fees.
“This is a superior financial experience that legacy financial institutions and governments have failed to deliver to the people of Argentina,” Mallers said.