Recently, Morgan Creek founder Anthony Pompliano stated that Bitcoin has the potential to become the new global currency not tied to a specific country or central authority. According to Pompliano, the shift to the top-ranking cryptocurrency is happening “right before our eyes.” He said on a Twitter post:
“Sovereign nations are already settling transactions in Bitcoin. Don’t blink.”
Latin America embraces Bitcoin
Pompliano’s latest statement comes at a time of sustained interest in cryptocurrency in countries across South America. The ongoing economic crisis in the continent has forced many Latinos to turn to cryptocurrencies.
A few days ago, a news outlet reported that Argentina and Paraguay have allegedly settled an export deal using Bitcoin (BTC).
The two neighboring nations used BTC to complete Paraguay’s acquisition of fumigation and pesticide products worth roughly $7100 from Argentina.
The flagship cryptocurrency was then converted into Argentine peso through a cryptocurrency payment service provider based in South America, Bitex. Chief Marketing Officer of the Bitex Platform, Manuel Beaudroit, said that the startup was built to facilitate the export of goods and services. He added that the company is also part of the Argentine government’s project dubbed ‘Simple Export.’ The project is aimed at facilitating the export of commodities and services worth $15,000 or less.
Argentines pay for public transport using Bitcoin
Recently, as reported by Coindoo, Bitex inked a deal with Argentinian state public transport card SUBE (Sistema Único de Boleto Electrónico). Customers can now fund their SUBE cards using Bitcoin, thanks to the partnership.
When it first emerged in 2009, Bitcoin was hyped as an alternative to the United States dollar which is prone to manipulation. Even so, the virtual currency has been on a roller-coaster ride in recent years, skyrocketing to an all-time high of almost $20,000 before plunging below $3500 in December last year.
It remains to be seen whether Bitcoin will become a global currency.
Image source – Flickr.