Bitcoin keeps rising while South America seems ready for a crypto revolution

The biggest digital coin is, together with gold, the clear winner of the first few days of December. Bitcoin rose to a price of $44,400 overnight. No idea where this will end but it is clear that FOMO has overtaken normal proceedings. At the time of writing, Bitcoin is being traded for $44,000.

European and American youngsters are convinced of the long-term possibilities of digital currencies, but their respective governments much less so. In South America it is a tad different. Several countries seem ready for a crypto revolution. Especially now that Bitcoin is once again trading above $40k, there is great enthusiasm.

El Salvador

In 2021, El Salvador made world news because it became the first country in the world to make Bitcoin legal tender. President Bukele used the treasury to purchase Bitcoin in large quantities. Due to the bull run of 2021, he paid a high average price of course. In 2022 he seemed to have made the wrong bet.

However, as of this week, El Salvador is once again making a profit on its major crypto investment. With the 2024 halving looming, many analysts now think Bukele has gambled correctly.

El Salvador’s #Bitcoin investments are in the black!

After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…

With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb

— Nayib Bukele (@nayibbukele) December 4, 2023

In the meantime, the man remains very popular in his country and he is riding high in next year’s election poll. If re-elected, he could start a second five-year term in June 2024.

Colombia

President Gustavo Petro of Colombia looks on with interest at his colleagues in El Salvador and Argentina, who seem convinced of the usefulness of a Bitcoin investment.

BREAKING: 🇨🇴 President of Colombia met with Samson Mow and Jan3 to discuss how Colombia can adopt #Bitcoin pic.twitter.com/5UcuaCpXyT

— Bitcoin Magazine (@BitcoinMagazine) November 29, 2023

Last week he officially acquired his first Bitcoin and the Colombian parliament appears ready to approve a legal framework for Bitcoin trading in the country. Many think that Colombia could become the second country in South America to accept Bitcoin as legal tender.

Argentina

Javier Milei’s victory in Argentina’s presidential elections earlier this year was accompanied by a record price for Bitcoin in the country. The fact that Argentina was facing 140% inflation obviously helps to achieve this.

Argentina is preparing for diplomatic cooperation with El Salvador to investigate how crypto can lead to economic freedom and whether Bitcoin can also be used as legal tender in that country.

Milei has been a fan of Bitcoin for some time. In a high-profile interview with the Clarin newspaper in 2022, Milei stated that Bitcoin is the “natural answer” to the Central Bank “scam.” “Bitcoin represents the turnaround of money to its original creator: the private sector,”

BREAKING: 🇨🇴 President of Colombia met with Samson Mow and Jan3 to discuss how Colombia can adopt #Bitcoin pic.twitter.com/5UcuaCpXyT

— Bitcoin Magazine (@BitcoinMagazine) November 29, 2023

https://www.youtube.com/watch?si=lNdEFbMlGmmJgGZd&v=8H2ixCTphNM&feature=youtu.be