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Argentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin says bitcoin is a better store of value than gold. However, the billionaire thinks the crypto will not replace fiat currency due to what he terms the high \u201cenergy cost required to process its transfers.\u201d<\/strong><\/p>\n Galperin, who has an estimated<\/a> net worth of $7.7 billion, made the remarks<\/a> when responding to an inquiry from a Twitter user. The user wanted to know if the billionaire was a BTC<\/a> holder as well as his opinion on the possibility of Argentina adopting cryptocurrencies.<\/p>\n Although Galperin dismisses the idea of cryptocurrencies actually replacing fiat currencies, he does, however, think that \u201cquantum computing\u201d can solve the challenge of high energy costs which he believes to afflict the Bitcoin network.<\/p>\n However, the billionaire\u2019s remarks about the bitcoin network energy costs prompted a response from bitcoiners. For instance, in their response to the billionaire\u2019s tweet, one user going by the name Mart\u00edn Morando agrees with the first part of Galperin\u2019s comments. Nevertheless, the user is quick to explain to the billionaire that his understanding of bitcoin mining may not be correct.<\/p>\n In his tweet<\/a>, Morando says, \u201cthe energy cost is not a problem (but) it is part of the combo.\u201d He adds that \u201cmost of the energy used is renewable.\u201d The Twitter user then refers the billionaire to a website<\/a> that debunks the theory that bitcoin mining is energy inefficient.<\/p>\n On the other hand, another user Ibarra Gustavo poses a question to Galperin:<\/p>\n In Mercado Libre and Mercado Pago have they measured how many k.w.h they consume to process money transfers with all credit card and Mercado Pago entities that operate?<\/p>\n<\/blockquote>\n Still, other users like Matias Walkoski are skeptical of Galperin\u2019s opinion that quantum computing will prove to be instrumental in hastening BTC<\/a> adoption. Instead, Walkoski thinks all \u201ca quantum computer could do is make BTC<\/a>\u2019s cryptographic keys hackable.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n Meanwhile, as Galperin is lauding bitcoin, reports were emerging from his crisis-laden home country that it wants to inject new money. Some experts believe Argentina\u2019s planned injection of $12 billion worth of new money, which is less than the $16.4 billion injected in 2020, will worsen the country\u2019s current plight. As of December 2020, Argentina had a reported inflation<\/a> rate of 40% while its currency depreciated<\/a> by as much as 94% against the U.S. dollar.<\/p>\n According to one report<\/a>, economic experts are predicting that the planned injection of new money will result in the significant depreciation of the peso and a higher inflation rate. Therefore, to escape the expected currency depreciation, the experts are encouraging Argentines to use \u201cthe crunchy pesos to buy bitcoin.\u201d<\/p>\n Do you agree with Galperin\u2019s remarks that BTC<\/a> will not replace fiat currencies? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\nBitcoin Mining Energy Consumption Misconception<\/h2>\n
![\"Argentine](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/01\/marcos-galperin-289x300.png\" "\\"Argentine")
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Another Deluge of Pesos Coming<\/h2>\n