Bitcoin Gets Backed by Politicians in Brazil, Mexico, and Many Other Latin American Countries | finance

Bitcoin (BTC) is increasingly featured in speeches by Latin American politicians. In early June, El Salvador’s President Naib Bukele announced that the cryptocurrency would become official in his country. Since then, other countries have been flirting with the idea of ​​a digital currency move, especially when fiat money is weak and undervalued.

Bitcoin Gets Backed by Politicians in Latin America (Image: MichaelWuensch / Pixabay)

Bukele has garnered worldwide attention for its pioneering and innovative advertising. The global cryptocurrency market marked the adoption of Bitcoin as the first step towards the day-to-day adoption of a digital currency, which was definitely in line with the career of the young President of El Salvador.

In addition, the ramifications of bitcoin’s approval by El Salvador’s Congress have distracted attention from other serious concerns in the country, which is in the midst of delicate negotiations with the International Monetary Fund (IMF) and has tensions with the United States. Now, other politicians are emerging in which cryptocurrency is at the center of their economic proposals, which makes their candidacy more visible.

Bukele has quickly become a role model in Latin America, where the huge global cryptocurrency community is inciting young politicians to favor digital currencies. Tyler Winklevoss, one of the famous Facebook twins, tweet: “First they ignore you, and then suddenly Paraguay, Argentina, Panama, Brazil, El Salvador and Nicaragua accept #Bitcoin.”

Bitcoin’s Speech Moves Politicians

One of them is the Brazilian Fabio Ostermann, an MP from the NOVO party in Rio Grande do Sul. Back in 2018, he stated that he owns bitcoin and has been supporting cryptocurrency ever since. Last week, the politician joined the laser eye movement, in which digital asset enthusiasts are swapping their profile photos for edited versions with glowing red eyes. “Laser eyes up to $ 100,000,” Ostermann said in a caption to his photograph.

Gabriel Silva, an independent MP outside his country’s party system, also tweet his support for bitcoin and Bukele’s success in passing his bill in the El Salvadorian Congress. Since his first announcement of supporting cryptocurrency, his Twitter followers have nearly doubled.

Argentine Congressman Francisco Sanchez from the remote Patagonian town of Neuquen is another who has joined the wave of support for Bitcoin. Although he hasn’t proposed any law yet, he briefly changed his Twitter profile to portray himself with laser eyes, which quickly became his most successful tweet to date, garnering over 7,000 likes.

In Mexico, there is State MP Indira Kempis Martinez who has spoken out in support of federal adoption of bitcoin. Samuel Garcia, also a member of the Movimiento Ciudadano political party, won the recent governor’s elections in his home state, in part using the same cryptocurrency backing tactics.

Politicians advocating national adoption of Bitcoin are becoming more popular. A common factor present in almost all of the speeches is the presentation of a monetary alternative to increasingly weaker and devalued fiat currencies. The case of El Salvador is a prominent politically successful example of this new discourse. However, only time will tell the true economic results of using bitcoin as the official currency.

With information: The rest of the world