U.Today: VanEck strategic advisor Gabor Gurbacs has taken to global social network X to send an important message to countries with weakened fiat currencies. This message is about the world's leading cryptocurrency.
No fiat currency can replace USD, but Bitcoin can, says Gurbacs
Gabor Gurbacs shared his opinion on any viable alternative to the US dollar among other fiat currencies in the world. He believes there is no “best alternative” for countries whose national fiat currency is depreciating.
Gurbacs' message to those countries is to follow El Salvador's example and consider adopting Bitcoin first as a reserve currency instead of the US dollar, and then announce that BTC is legal tender. El Salvador chose BTC as official legal tender in 2021.
Now, Argentina intends to learn from El Salvador and adopt its experience with Bitcoin. Recently, Argentina's securities regulator (the National Securities Commission, NSC) began a meeting with the National Digital Assets Commission (CNAD) of El Salvador. In this meeting, they discussed the possible adoption and regulation of Bitcoin in Argentina in the future and how it was carried out in El Salvador.
“Not having Bitcoin is irresponsible”
The Tether and VanEck advisor also reminded his X audience that he has already been a Bitcoin advocate for a decade, trying to persuade countries and central banks to include Bitcoin on their balance sheets. He believes this would help strengthen and diversify its trust contingent reserves.
He believes that these days, in 2024, not holding Bitcoin on a balance sheet is “irresponsible for nation states not to hold Bitcoin.”
Bitcoin falls from $70,000 but begins to recover
The world's flagship cryptocurrency suddenly plunged almost 4%, missing the $70,000 level it recently hit after the embattled Mt. Gox exchange began transferring staggering amounts of Bitcoin to a new wallet.
According to recent reports from Whale Alert, the first Bitcoin trading platform has released the Bitcoin equivalent of $5.1 billion, presumably to further direct these funds to creditors who suffered after the Mt. Gox hack that occurred a decade ago. .
Whale Alert detected seven massive transactions carrying between 4,000 BTC and 34,138 BTC approximately three hours ago.
So far, Bitcoin has managed to recover 1.26% as it is trading at $68,446.
This article was originally published on U.Today.
