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Argentinians are overrepresented in the crypto industry, and I believe we've held a very distinct edge so far.
From a young age we are taught:
-don't trust the government
-don't trust financial institutions
-avoid taxes
We are used to chaos, and financial engineering. In the past 2 years, my morning coffee went from $1 to $4.5. Salaries increased 3x in USD terms in the same period.
When doing a purchase you the average argentinian is faced with a plethora of choices:
-pay cash and get a ~10% discount (merchant avoids taxes)
-pay with credit card, and pay at the month's end (your discount is the inflation rate until the card's closing date - but you are using up your "white" money)
-pay in installments, with interest (need to speculate if the interest rate will be lower than the inflation rate)
And every once in a while the government subsidizes everyone's credit card purchases.
So financial concepts that might seem foreign to other everyday citizens elsewhere are common currency here.
This chaotic environment, paired with the opportunistic nature of our culture, has us constantly looking for opportunities, and at the same time being completely skeptical of the structures of the system.
A great combination for the minefield that crypto has been so far.
But crypto is changing, and become more standardized, more institutional. What natural edge gave us a step up in the past will no longer be true in the future.
Some of us prepared for this future. Some didn't.
I expect this overrepresentation to decrease moving forward.
I'll drink a mate for my fallen compatriots 🧉
Dislcaimer: proud argentinian

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