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

Biraajmaan Tamuly

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

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.

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.

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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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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