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To address severe inflation and currency devaluation, Argentina under President Javier Milei, known for his pro-Bitcoin (CRYPTO: BTC) stance, has introduced 10,000 peso notes. The new bills, worth approximately $11, are expected to alleviate the burden of carrying large amounts of cash.
What Happened: The Central Bank of Argentina has released the country’s first 10,000-peso notes, reported the Financial Times. This move is aimed at simplifying the nation’s reliance on large quantities of cash following the collapse of its currency.
The new notes, which are five times more valuable than the previous largest note of 2,000 pesos, are expected to facilitate transactions and make the financial system more efficient. The country’s currency has lost 95% of its value over the past five years, driving the annual inflation rate to a staggering 287% in March.
Despite President Milei’s efforts to curb inflation and stabilize the peso by ending the previous government’s reliance on money printing, the central bank continues to print money to pay interest on a significant amount of short-term liabilities issued to domestic creditors.
Argentina’s monthly inflation rate, which peaked at 26% in December, has since fallen to 11% as of March. Milei has suggested that the April rate, to be published next week, could be in single digits.
Why It Matters: The introduction of the 10,000-peso notes comes amid a series of economic reforms under President Milei’s administration. Milei, a libertarian economist, has been vocal about his plans to stabilize the country’s economy through fiscal austerity and a shift away from money printing.
Despite the economic challenges, investor confidence in Argentina has been on the rise. In a recent development, Elon Musk endorsed Argentine stocks, leading to a significant rally in the country’s assets. This marks the ETF's eighth gain in nine sessions, culminating in a 54% rally since Milei's election victory in November.
Price Action: Bitcoin is currently trading at $62,762.60, showing a gain of 0.72% in the last 24 hours and an impressive 42.09% increase year-to-date, according to the data from Benzinga Pro.
Read Next: S&P 500, Nasdaq Futures Signal Mixed Open: What’s Going On With Stock Market Today?
Javier Milei Image Via Wikimedia Commons
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