In Central and South America, crypto seems to be gaining more traction than ever before, especially since El Salvador announced its decision to adopt Bitcoin as a legal tender.
As expected that the trend will continue; the president of a South American country, Argentina, has become the latest to express support for the digital asset and indicated why the country would never oppose Bitcoin adoption.
While speaking in an interview with Caja Negra, the local media outlet in the country, Alberto Fernandez, the country’s president, discussed digitization and the country’s position about the sector. He was also questioned on the possibility of launching its CBDC or adopting Bitcoin as a legal tender.
In his response, President Fernandez said: “I don’t want to go too far out on a limb … but there is no reason to say ‘no.’ Perhaps that is a good path to take.” He added that Bitcoin’s inflationary effect is enough advantage to support it.
A country like Argentina that has faced inflationary-related issues, plus its currency loss of value against the USD, will surely appreciate the advantage of Bitcoin. In June alone, consumer prices increased by more than 3 percent in the country which made analysts surmise that the 12-month inflation rate has grown by at least 50 percent.
However, the president also has his worries about Bitcoin’s general claim as a hedge against inflation. According to him, Bitcoin has yet to reach the mainstream level because many people are worried about the same.
Fernandez said: “It’s a global debate, and I must confess that it’s a topic [that should be approached with] caution. In my case, there is caution because of how unfamiliar it is and because it’s hard to understand how this fortune materializes.”