El Salvador’s Bitcoin (BTC) adoption has triggered a digital asset revolution in Latin America, and the region could benefit even more if people can exchange cryptocurrencies, fiat money and the upcoming central bank digital currencies (CBDC) on the same infrastructure, said the head of multicurrency investment platform Uphold.
According to Cointelegraph, Uphold CEO JP Thieriot underscored that the nature of life in Latin America begs for Bitcoin-based use cases, saying the region will benefit the most as crypto adoption continues to grow.
Venezuela and Colombia are the two most prominent crypto adopters in the region besides El Salvador. However, other nations are closing the gap rather quickly, with El Salvador acting as a catalyst, Thieriot explained. Of Uphold’s 7 million users, 1.4 million originate from Latin America, and the high adoption rate in the region continues to attract global players.
Bitcoin would be embraced first by the unbanked and those who send or receive remittances, he said. However, CBDCs would become more popular than the largest cryptocurrency for merchants. “Many businesses may understandably prefer something stable for transactions, but investment portfolios would be much more benefited by Bitcoin,” he added.
