According to U.Today, Gabor Gurbacs, strategic advisor at Tether and formerly at VanEck, has suggested that Bitcoin could replace the U.S. dollar as a viable alternative for countries with depreciating national fiat currencies. Gurbacs shared his views on the global X social media network, stating that no other fiat currency can replace the USD, but Bitcoin can. He urged countries to follow El Salvador's example, which adopted Bitcoin as a reserve currency and later announced it as legal tender in 2021.
Gurbacs has been a Bitcoin advocate for a decade, encouraging countries and central banks to include Bitcoin in their balance sheets to strengthen and diversify their fiat-contingent reserves. He believes that in 2024, it is irresponsible for nation states not to hold Bitcoin on their balance sheets.
In related news, Argentina is considering adopting Bitcoin following El Salvador's example. The National Securities Commission (NSC) of Argentina recently initiated a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to discuss potential Bitcoin adoption and regulation in Argentina.
In other news, Bitcoin, the world's leading cryptocurrency, recently experienced a sudden drop of almost 4%, losing the $70,000 level it had recently reached. This happened after the Mt. Gox exchange began transferring large amounts of Bitcoin to a new wallet. The early Bitcoin trading platform has reportedly released the Bitcoin equivalent of $5.1 billion, presumably to direct these funds to the creditors who suffered after the Mt. Gox hack a decade ago. However, Bitcoin has since managed to recover 1.26% and is currently trading at $68,446.