Crypto Twitter Condemns Coinbase CEO Over His BTC Suggestions
The Chief Executive Officer and Co-founder of Coinbase – Brian Armstrong, has been heavily criticized on various social media platforms for suggesting BTC’s use as legal tender. Reports that Brazil and Argentina are discussing a uniform currency (crypto) have led to criticism of the Crypto leader.
Brian Armstrong commented on the proposed uniform currency, saying it would be great if the two South American giants could unify their legal tender to BTC. He added that if Brazil and Argentina can change their legal tender to Bitcoin, “it would be a perfect long-term bet.”
Many social media users with in-depth knowledge of the crypto market have largely criticized Armstrong by referencing the unpredictable nature of the crypto market. For example, one Twitter user said that the volatile nature of the crypto market would make it utterly unrealistic to make BTC the unified legal tender in Brazil and Argentina.
A good number of social media users argued that the volatility of Bitcoin would make it difficult to use it for day-to-day businesses. However, aside from social media users, many government officials do not support the idea that BTC should be used as a legal tender.
Financial analyst and Real Vision Group CEO – Raoul Pal commented on the situation, saying, “it is not reasonable to have a volatile national legal tender that decreases by 65% in a business cycle and increases ten times in the upper part of the same business cycle.”
Argentina And Brazil Discuss Having A Common Legal Tender
Per multiple reports, the Argentine and Brazilian governments will soon announce that they are preparing to launch a common currency for the two South American Giants. The announcement is scheduled to take place at a conference in the capital of Argentina – Buenos Aires.
Aside from the two nations involved, representatives from other Latin American Countries are also expected to attend. The proposed name for the common currency is Sur.
This common currency will be used alongside the Argentine and Brazilian legal tender (the Real and Peso). The main reason for coming up with this common currency is to reduce the influence of the US Dollar over the South American economy.
They also the uniform currency to encourage international transactions between the two countries.
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