Bitcoin (BTC) is already becoming a global reserve currency as the sovereign nations of Argentina and Paraguay use Bitcoin to settle transactions. As reported by Cointelegraph, Paraguay has bought pesticides and fumigation products from Argentina using Bitcoin (BTC) to settle the $7,100 transaction.
The payment was facilitated through Bitex, a Latin American financial services provider supporting Bitcoin payments and its conversion to fiat currency. Argentina purportedly converted the received Bitcoin to Argentinian pesos upon receiving the payment to pay the exporter of the agricultural chemicals.
The Bitcoin transaction between Argentina and Paraguay marks a significant moment in Bitcoin’s history and proves that the cryptocurrency king is well on its way to becoming a global reserve currency.
Founder & Partner at Morgan Creek Digital Anthony Pompliano recently took to Twitter where he shared his excitement of this newfound development stating that Bitcoin is literally “becoming the global reserve currency right before our eyes.”
Pomp has long been a proponent for Bitcoin and continues to be very bullish on the nascent asset class despite the current bear market and what naysayers say.
In addition to the Bitcoin-settled transaction between Argentina and Paraguay, the Argentinian state public transport card SUBE (Sistema Único de Boleto Electrónico) recently partnered with Bitex to start accepting Bitcoin.
This, as well as the news cited above, is huge for Bitcoin as SUBE is used by over 7 million people in 37 locations across Argentina.
In other news, Argentian bank BMV reported in May 2018 that Bitex partnered with them to support Bitcoin for cross-border transactions. They also announced that they are considering the creation of an alternative to the SWIFT payment system for international payments between banks.
Therefore, it appears that Argentina is leading the way in terms of Bitcoin adoption and is setting a precedent for Bitcoin to become the global reserve currency.
Do you think Bitcoin will quickly become the global reserve currency in the coming months or years? Let us know what you think in the comment section below.
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