Economist Saifedean Ammous warns of Argentina’s financial system collapse, citing President Milei’s debt and inflation Ponzi scheme. The bicicleta financiera, a high-yield carry trade, is unsustainable as peso devalues. Bond rates at 88%, stocks and bonds plunge. Ammous predicts a peso collapse triggering rush to safe assets like Bitcoin.

Ammous predicts peso collapse as it surpasses target exchange band. $540M in forex interventions fail, bond rates hit 88%. Milei administration faces corruption allegations. Once peso devaluation exceeds bond returns, investors will dump bonds and pesos for safer assets like Bitcoin. Carry trade estimated at $40-80B.

Milei’s endorsement of Libra memecoin led to a $4B market cap before crashing 94%. Investor losses in hundreds of millions prompt calls for impeachment. Milei claims he only “spread the word” and did not promote the token. Argentina’s Anti-Corruption Office clears Milei of ethics violations.

Read more at Cointelegraph: Argentina’s Bond Ponzi Near Collapse, Bitcoin Is Exit