• Wed. Dec 6th, 2023

    Labitconf: El evento de criptomonedas y su impacto en la región

    ByClaudia Franjul

    Nov 10, 2023
    Labitconf: El evento de criptomonedas y su impacto en la región

    Bitcoin surges above $36,000, reaching its highest level since April 2022, as Ethereum climbs to $2,000. At the same time, Labitconf, the oldest and largest cryptocurrency event in the region, begins in Buenos Aires. Rodolfo Andragnes, founder and president of Bitcoin Argentina, highlights that the event will address the current political and economic situation, including discussions on the possibility of a digital currency in Argentina and talks on crypto regulation and dollarization.

    Labitconf has come a long way since its inception, with the crypto community in Argentina growing significantly. This evolution was expected, albeit at a faster pace than initially imagined when I started this project almost 13 years ago. Bitcoin and cryptocurrencies offer a scenario of individual freedom, and their adoption has been driven by their value and logic. Some countries and investment funds are starting to use them because they make sense. Bitcoin’s evolution has exceeded my expectations, and I believe there is still much more to come. Bitcoin will continue to permeate various industries, and its adoption is on an irreversible path of growth and greater understanding of this technology.

    Regarding the proposal to create a digital peso by one of the presidential candidates, Sergio Massa, I am critical of this project. The digitalization of money poses a significant risk as it could result in increased control and reduced freedom for citizens. There is no technical way to ensure that the code of a digital currency cannot be modified, which is a general criticism of central bank digital currencies (CBDCs) worldwide. While there may be certain institutional perspectives and positive aspects, there are complementary views highlighting the risks associated with digitizing 100% of the economy. China serves as a clear example, where certain scores must be achieved to perform certain actions, representing a more Orwellian control.

    Looking ahead to 2024, there is anticipation surrounding Bitcoin’s price as it surpasses the $36,000 mark and the potential approval of ETFs in the United States. The halving event, which reduces the issuance of new bitcoins by half, is also approaching. With a limited supply and potential growth in demand, Bitcoin becomes a reserve of value. The introduction of ETFs has both critical and positive perspectives. Some argue that ETFs can push the price up and down because institutional players enter the market with the aim of outperforming it and earning more dollars, rather than using it as a store of value. However, the involvement of institutions like BlackRock is fascinating, as their ETFs contain the underlying asset and require its purchase for creation. It is expected that BlackRock has been accumulating Bitcoin. Institutional adoption will continue to grow because, regardless of the market conditions, Bitcoin remains the only truly scarce asset in the world that is easily transferable, storable, and divisible.