The Argentina 1 cent is now worth approximately one satoshi
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Argentina currency joins the Lebanese lira in relation to parity with satoshi.
Argentina is the latest country to see its smallest monetary denomination reach par with a satoshi - the smallest unit of Bitcoin.
The Argentine penny, in circulation since 1854, is now worth approximately one satoshi.
Claiming that all fiat currencies in history have failed, Argentine Redditor, OneMoreJuan, has brought the penny situation to the fore. Yesterday the Lebanese lira matched Bitcoin's smallest denomination.
“I am from Argentina and the smallest unit of our currency has reached the value of 1 Satoshi (Sat). Every FIAT currency in history has failed. Buy bitcoin. ”
Currently, the unofficial rate is 119 ARS (Argentine pesos) per dollar.
By these calculations, the real price of a Bitcoin is around $ 1,050,000 ARS (as opposed to about $ 650,000 ARS at the official rate) and that is the rate shown at LocalBitcoins. Therefore, 0.01 ARS - a penny - is approximately a satoshi.
Another Redditor pointed out that the value of the penny could now be greater than its monetary value, and the post sparked a discussion about the value of money and fiat currencies.
Argentina is at the height of its last economic crisis since 2018. It was facing its third year of recession, even before the pandemic crisis. Inflation is now around 50% and, in recent weeks, more Argentines are buying Bitcoin.
Other currencies even fell below the value of satoshi, mainly the Vietnamese dong.
How many more can still join the ranks?