Latin America Massively Adopting Bitcoin and Cryptocurrencies
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The interest for cryptocurrencies on a global scale is at an all-time high. Countries around the world have never been more open to Bitcoin and other cryptos, although there are still governments who aren’t ready for adoption of digital currencies yet. That’s not a problem for Latin America. Several countries from the region would take cryptos over their fiat currencies in a flash as soon as their government makes Bitcoin official.
Chile, Argentina, Venezuela, and other South American countries have turned to cryptocurrencies in recent years. Failing financial systems and instability have led to the youth actively looking for better value than fiat currency. The banking system in Latin America is changing and it could very well fuel the global growth of cryptos.
New Times Ahead
Chainanalysis, a blockchain data analytics firm, just released a study which took a look into crypto usage in Latin American countries. Lack of banking access, financial instability, and devaluation of local fiat currencies has led to a widespread adoption of Bitcoin and cryptos in Argentina, Chile, Venezuela, Colombia, Uruguay, etc. At the same time, BTC industries such as Bitcoin gambling are thriving which isn’t a surprise considering the shift from fiat to crypto.
As you may already know, financial instability has been plaguing the region in recent years. Argentina’s financial problems are well documented, and Venezuela has been struggling too until president Nicolas Maduro began an open campaign for cryptos. The Latin American youth is looking for better storing value than flailing fiat currencies and finding refuge in Bitcoin and the likes.
Fiat currencies in Argentina and Venezuela are quickly losing value. With no other option except announcing bankruptcy, both countries have turned to cryptocurrencies as a way to save their financial systems. So far, it is working. People want a safe way to store money and since their options are limited with fiat currencies, crypto adoption is the next logical step.
The massive Bitcoin and cryptocurrency adoption in Latin American countries will fuel growth for global adoption too. While countries such as India, the USA, and Russia are openly against cryptocurrencies, the crypto revolution in Latin America could set an example many others will follow.
If Bitcoin and other cryptos manage to help economies in South America heal, other countries will surely rethink their Bitcoin decisions. It has never been easier to buy BTC online or play casino games with it, with several industries enjoying the benefits of the widespread Latin America crypto adoption.
The Bitcoin Revolution is Already Here
After years of being left on the sidelines, the 2020 COVID-19 pandemic has shown the world that it’s time for changes to financial systems. The effects of the pandemic are set to strike in the following years. With fiat currencies and royalties doing bad, we have no other option but to accept cryptos.
Digital currencies have numerous advantages and are far easier to use. If the world was more open to cryptos like Latin America is, it would usher a new digital era of banking that can transform the world as we now it.
