51% of Argentine consumers surveyed by Americas Market Intelligence in April made bitcoin purchases.
Despite rising inflation and Argentina’s deteriorating economy, Guido Cannetti, an Ultimate Fighting Championship (UFC) fighter, has reportedly become the nation’s first martial arts athlete to receive 100% of his salary in stablecoins, according to the cryptocurrency payroll provider Bitwage on Monday.
On October 1st, El Ninja will fight Randy Costa in the Octagon in the United States. According to Bitwage, Guido would get his pay in USDC stablecoin via the Stellar Network via Vibrant, a wallet application created by the Stellar team, especially for Argentines struggling with inflation, Cointelegraph said.
Official government estimates place the country’s inflation at 78.5% for the year ending in August, compared to a rise in prices of 56.4% for the first eight months of the year. While some private experts anticipate 100% inflation in 2022, the central bank of Argentina predicts an annual inflation rate of 95%.
Cannetti said in a Bitwage statement that “I am getting paid in USDC because it is safer for my future” and that stablecoins will shield him from the volatility and depreciation of the local currency.
51% of Argentine consumers surveyed by Americas Market Intelligence in April made a bitcoin purchase, with 27% doing so on a regular basis, up from 12% at the end of 2021. Inflation protection is the primary justification for 67% of respondents’ cryptocurrency purchases, according to Cointelegraph.
