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Bitcoin [BTC] will be inadvertently adopted as the global reserve currency, says Anthony Pompliano

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.

READ: Crypto Trader “Senses Bottom,” Says Bitcoin (BTC) Could Rally In May

Anthony Pompliano, the founder of Morgan Creek Digital, recently tweeted after news of Bitcoin’s adoption in the South American continent broke.

He tweeted:

Source: Twitter

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.

ALSO READ: Grayscale’s 2018 Q4 Crypto Report Indicates Institutional Investors Brought in 66% of New Capital

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:

Source: Twitter

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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cryptohero8
I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.