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Arbitrage opportunities with bitcoin in Argentina
03-19-2014, 02:57 PM
With more and more Argentinians losing faith in their own currency and the brutal clapdown to prevent capital flight there does seem to be a good arb opportunity here.
I have Argentinian friends who I can trust that has a local bank account so that's one part of the the puzzle sorted.
I already have bitcoin and a US dollar account (currently empty) that I could use if I needed to.
Whats called the 'blue rate' for the dollar is 25% higher than the official rate on the ground in BsAs.
Lets use this thread to share some thoughts on how to do this from outside of Argentina (I have not plans to go to Argentina again though I guess I could if I needed to).
Thoughts?
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Arbitrage opportunities with bitcoin in Argentina
03-19-2014, 03:05 PM
BTW if you want to see what the blue market rate vs the official rate looks like, it looks like this.
https://thebluemarket.wordpress.com/2012...argentina/ (scroll down to see chart)
In other words, if you are thinking of going to Argentina. Take dollars (or other hard currency) and never use an ATM or a bank to get money because you will get it at the official rate.
Yes, Argentina is the new Venezuela.
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Arbitrage opportunities with bitcoin in Argentina
03-19-2014, 04:04 PM
I've been thinking of traveling to Argentina or Venezuela with a few thousand (up to $10k) in US cash. One could probably live there for a few months with the black market exchange rate.
One concern is the possibility of getting money confiscated at the airport. Hell, in the US, police will take money they find in your car. Another thought, what are valuables that could be purchased there and be brought back to the US and exchanged back to US dollars (maybe bitcoin). Banks here are not participating in currency exchange .
This is a good thread to exchange ideas.
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Arbitrage opportunities with bitcoin in Argentina
03-19-2014, 04:32 PM
Quote: (03-19-2014 04:04 PM)GoodTimer Wrote:
One concern is the possibility of getting money confiscated at the airport.
One way around that might be to fly to Montevideo and take the ferry over.
I have taken that ferry journey a few times on visa runs. They never search your bags (or at least they didn't a few years back).