{"id":542505,"date":"2023-01-23T14:47:34","date_gmt":"2023-01-23T11:47:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-ceo-urges-bitcoin-legal-tender-for-brazil-argentina-reaction\/"},"modified":"2023-01-23T14:47:34","modified_gmt":"2023-01-23T11:47:34","slug":"coinbase-ceo-urges-bitcoin-legal-tender-for-brazil-argentina-reaction","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-ceo-urges-bitcoin-legal-tender-for-brazil-argentina-reaction\/","title":{"rendered":"# Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina \u2014 Reaction"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a216d7d7a325\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a216d7d7a325\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-ceo-urges-bitcoin-legal-tender-for-brazil-argentina-reaction\/#%E2%80%9D_Coinbase_CEO_urges_Bitcoin_legal_tender_for_Brazil_Argentina_%E2%80%94_Reaction_%E2%80%9C\" >&#8221; Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina \u2014 Reaction &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_CEO_urges_Bitcoin_legal_tender_for_Brazil_Argentina_%E2%80%94_Reaction_%E2%80%9C\"><\/span>&#8221; Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina \u2014 Reaction &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvYzBkMjYwOGYtZTM0Mi00MWJmLWE2ZTUtNzliZmU4YmM5ODM0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>As Brazil and Argentina started preparatory work for a potential common currency, Coinbase CEO Brian Armstrong floated the idea of the two countries moving to Bitcoin (BTC). This sparked various discussions over the viability of BTC as a national currency.\u00a0<\/p>\n<p>On Jan. 22, the two South American countries <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5347d263-7f24-4966-8da4-79485d1287b4\">announced<\/a> their preparations to discuss a plan for a common currency that will run parallel with the Argentine peso and the Brazilian real. The move could potentially create the second-largest currency bloc in the world. <\/p>\n<p>As the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke, Armstrong took to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> to suggest that BTC may be the right choice for the project. The Coinbase CEO described BTC as the \u201cright long-term bet\u201d and wondered if the two countries would consider it. <\/p>\n<p>Global Macro Investor founder and CEO Raoul Pal <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1617318573134999553\">opposed<\/a>\u00a0the idea. According to Pal, having a national currency that &#8220;declines 65% in the down part of the business cycle and rises 10x in the up cycle&#8221; is not ideal. The executive pointed out that businesses would have difficulties in planning and hedging in this situation. <\/p>\n<p>A few community members supported Pal&#8217;s sentiment and argued against Armstrong&#8217;s idea. According to a Twitter user, the only use case for BTC is a store of value like gold. They tweeted: <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Anyone who thinks <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> can ever be a fiat replacement doesn&#8217;t understand what <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> is.<\/p>\n<p>The ONLY real world use case <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> can have: A store of value to back currency valuation, like Gold used to be.<\/p>\n<p>And this guy is the CEO of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> \u200d\u2642\ufe0f. Says everything really. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4AvwwmfIRv\">https:\/\/t.co\/4AvwwmfIRv<\/a><\/p>\n<p>\u2014 Milky (@MilkyGemHunter) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MilkyGemHunter\/status\/1617435399336624136?ref_src=twsrc%5Etfw\">January 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Meanwhile, one Twitter user <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hlopez_\/status\/1617381742465388544\">brought<\/a> up the speed of transactions in the BTC network and argued that it would take too long to have BTC for daily use. However, this was immediately countered by another community member who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AsherHopp\/status\/1617386831787724800\">argued<\/a> that with the Bitcoin Lightning Network, BTC becomes the \u201cbest medium of exchange.\u201d\u00a0<\/p>\n<p>Armstrong\u2019s suggestions may be based on El Salvador, another Latin American country, recognizing BTC as a legal tender back in 2021. The move brought various benefits to the country like a surge in tourism in 2022, where 1.1 million people visited the country. In addition, El Salvador was able to build schools and a veterinary hospital using profits from its Bitcoin purchases.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>El Salvador&#8217;s Bitcoin decision: Tracking adoption a year later<\/em><\/strong><\/p>\n<p>Brazil and Argentina are no strangers to digital assets. On Nov. 29, Brazil\u2019s Chamber of Deputies <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved a law that legalizes crypto as a payment method in the country. The country\u2019s president also signed the bill in December and is expected to take effect in June 2023. While the new law recognizes crypto as a payment method, it doesn\u2019t make any crypto a legal tender within the country. <\/p>\n<p>On Dec. 16, a province in Argentina has approved legislation to issue a stablecoin pegged to the United States dollar. The token will be available to persons over 18 years old and will be 100% collateralized by the province&#8217;s assets.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-ceo-urges-bitcoin-legal-tender-for-brazil-argentina-reaction\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina \u2014 Reaction &#8220; As Brazil and Argentina started preparatory work for a potential common currency, Coinbase CEO Brian Armstrong floated the idea of the two countries moving to Bitcoin (BTC). This sparked various discussions over the viability of BTC as a national currency.\u00a0 On Jan&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":542506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/c0d2608f-e342-41bf-a6e5-79bfe8bc9834.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81260,74355,22845,22483,7058],"class_list":["post-542505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-community","tag-adoption","tag-argentina","tag-brazil","tag-community"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=542505"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/542506"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}