UFC Fighter Guido Cannetti to Become The First Argentinian Athlete Paid in Crypto

UFC Fighter Guido Cannetti to Become The First Argentinian Athlete Paid in Crypto.

Argentinian Ultimate Fighting Championship (UFC) fighter Guido Cannetti is now the first martial arts athlete in the country to receive 100% of his salary in stablecoins, according to the crypto payroll company Bitwage on Monday, as inflation increases and the economy deteriorates. 

Guido Cannetti Will Receive USDC Stablecoin

Known as El Ninja, he returns to the Octagon in the USA on October 1st to face Randy Costa.

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A wallet application developed by the Stellar team specifically for Argentines experiencing inflation, Vibrant, will process Guido’s USDC stablecoin payment on the Stellar Network.

Earlier this year, Brazilian UFC fighter, Luana Pinheiro, converted some of her salary into Bitcoin. She collaborated with Bitwage for this process.

Sports reporter Darren Rovell stated that NFL star Odell Beckham Jr netted $35,703 because he signed a deal to be paid in Bitcoin.

The Stablecoin Saving Him from Volatility and Devaluation of Local Currency

According to official government figures, inflation was 78.5% in the country through August, while prices rose 56.4% in the first eight months. All banks predicted a 95% inflation rate for the year, while some private analysts forecasted a 100% inflation rate in 2022.

A 95% inflation rate was predicted by Argentina’s central bank for 2022, but some private analysts predicted a 100% rate.

“ I’m getting paid in USDC because it’s safe for my future,” said Cannetti in a Bitwage statement, adding that stablecoins protect him from currency volatility and devaluation.

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Americas Market Intelligence surveyed Argentine consumers in April and found that 51% bought crypto and 27% regularly purchased cryptocurrencies, up from 12% at the end of 2021.

Cryptocurrency purchases are primarily motivated by inflation protection, with 67% of respondents citing this as a primary reason. As a result of Martin Guzman’s abrupt resignation from the Economics Ministry in July, stablecoin prices surged. 

Budget deficit reduction and tightening monetary policy were among his policies that divided opinion within Argentina’s government. According to the website DolarHoy, the black-market exchange rate was 287 pesos per dollar at press time.

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Jamilatul Mahmudah

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