By: Kristin Majcher
May 21, 2019
A 1988 hit by the Argentine rock band Soda Stereo gave Buenos Aires a nickname that still sticks today: “La Ciudad de la Furia,” or the City of Fury. The “fury” of Buenos Aires is evident in the uneven quality of everyday life here. It’s not uncommon for strikes and demonstrations to cause street closures, or for the power to fail on hot summer afternoons. Prices for food and goods vary—sometimes substantially—by neighborhood and locale.
The most pervasive problem is the weak economy and a currency that has been quickly losing its value. Could digital currency be the answer? It might seem unlikely, but in recent months, a series of colorful new advertisements have popped up in Buenos Aires subway tunnels, among the posters hawking travel packages, shoes, and food-delivery apps. “250,000 Argentines have already bought bitcoins with us,” reads one, written in cheerful block type and featuring a flying pig. The ad belongs to Ripio, one of several startups betting that the time is right for cryptocurrencies to go mainstream in Latin America. For many, Argentina’s unique economic situation means it could be the perfect place to establish a foothold.