Gabor Gurbacs, a strategic advisor at Tether and VanEck, has taken to the global X social media network to deliver a critical message to countries grappling with weakening fiat currencies. His message revolves around the potential of Bitcoin, the world’s leading cryptocurrency, to serve as an alternative reserve currency.
In his communication, Gurbacs advocates for countries to emulate El Salvador’s groundbreaking move and explore the adoption of Bitcoin as a reserve currency, potentially even considering legal tender status for the cryptocurrency. El Salvador made headlines in 2021 by officially adopting Bitcoin as legal tender.
Following El Salvador’s lead, Argentina now appears poised to learn from its neighbor’s experience with Bitcoin adoption. The National Securities Commission (NSC) of Argentina recently convened a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to discuss the possibility of Bitcoin adoption and regulation in Argentina, drawing insights from El Salvador’s approach.
Gurbacs underscores the importance of holding Bitcoin on national balance sheets in the current landscape, asserting that in 2024, failing to do so is deemed “irresponsible” for nation states.
Meanwhile, Bitcoin has experienced fluctuations in its value, notably plunging from its peak of $70,000. Recent reports by Whale Alert indicate that a significant amount of Bitcoin, equivalent to $5.1 billion, has been transferred from an early Bitcoin trading platform. This transfer is presumed to be directed towards addressing the aftermath of the Mt. Gox hack, which occurred a decade ago.
Whale Alert has identified seven substantial transactions involving Bitcoin, ranging from 4,000 BTC to 34,138 BTC, occurring approximately three hours ago.
Despite the volatility, Bitcoin has shown signs of recovery, currently recording a 1.26% increase in value, with its current trading price standing at $68,446.
