Despite a largely bearish trend, Bitcoin has started to get some form of institutional support as well as promotion by esteemed financial personalities who have all been very vocal in their stance regarding Bitcoin’s supposed superiority over other coins.
Anthony Pompliano, the founder of Morgan Creek Digital, recently tweeted after news of Bitcoin’s adoption in the South American continent broke.
Anthony Pompliano posted the tweet on the back of a major news report which said that Argentina and Paraguay had settled an export deal with each other through the assistance of Bitcoin transactions.
According to the news report in question, Paraguay had bought chemical products like pesticides and fumigation accessories worth $7,100 from Argentina. The settlement of the deal was processed and paid for in Bitcoin and the virtual currency was later converted into Argentinian peso to settle accounts with Argentinian agricultural chemical exporters.
Argentina then applied to Bitex — a Latin American financial services provider that supports Bitcoin payments, to further proceed with the transaction.
Chief Marketing Officer at Bitex, Manuel Beaudroit, said that the company aims to make cross-border payments for export deals more fluent and efficient. He also stated that the financial services company is a part of the government-backed Exporta Simple program, which has been initiated for the export of goods and services worth less than $15,000.
Moreover, there have been recent developments in Spain too, where Spain’s second-largest bank, BBVA, has invited massive protests following the bank’s decision to block the accounts of several thousand Chinese nationals. The Chinese Association in Spain [ACHE] reported that around 5,000 people have had their accounts blocked by BBVA.
This has led to a lot of crypto fund managers suggesting that Bitcoin is proving itself to be an attractive asset as a global reserve currency.
On hearing the news from the Iberian peninsula, Anthony Pompliano had this to say:
Anthony Pompliano, whose investment firm focuses on blockchain tech and digital assets for institutional clients, has long believed that Bitcoin is on its way to becoming the global reserve currency. Actions such as the ones taken by the BBVA in Spain have inadvertently spurred Bitcoin adoption, he said.
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