Top U.S. Crypto Exec Urges Venezuela to Follow El Salvador’s Footsteps and Adopt Bitcoin as Legal Currency
Brian Armstrong said that it would be interesting to see if another Latin American country adopts Bitcoin as a legal currency.
Currently, El Salvador is the only Latin American country where Bitcoin can be used as legal tender for all types of goods and services. In 2021, El Salvador adopted Bitcoin as legal currency under the leadership of President Nayib Bukele. Following El Salvador’s Bitcoin adoption, the Central African Republic (CAR) also adopted Bitcoin as currency, but at a technical level, CAR failed to push Bitcoin adoption.
Recently, Venezuelan Opposition Leader María Corina Machado proposed using Bitcoin as a national reserve asset. He said Bitcoin is a “lifeline” and a “vital means of resistance.” This idea was proposed to help the country’s economy recover from high inflation, where people’s wealth is crashing as the country’s sovereign currency value continues to plummet.
María Corina Machado discussed in an interview how Bitcoin could be a “vital means of resistance” for Venezuelans suffering from hyperinflation under the Chávez and Maduro regimes.
Top American crypto exchange Coinbase’s CEO, Brian Armstrong, said it would be great to see another Latin American country adopt Bitcoin as an official currency. He added that economic freedom is a foundation to all freedom and expressed his support for the Venezuelan Opposition party in advancing economic freedom.
It is worth noting that in the last three years, many political leaders and politicians have discussed Bitcoin and crypto to gain political advantages.
We have seen this in South Korea, Thailand, and even the USA, where politicians have shown full support for Bitcoin and pledged to promote its use.
Currently, U.S. politicians are broadly in favor of Bitcoin and cryptocurrencies, promising to introduce Bitcoin-friendly rules and laws to protect crypto investors and promote sector adoption under a supportive regulatory environment.
