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How An Ineffective And Inadequate Banking System In Latin America Is Accelerating Cryptocurrency Adoption

How An Ineffective And Inadequate Banking System In Latin America Is Accelerating Cryptocurrency Adoption

Cryptocurrency has become a buzz word for individuals looking to make a ton of money through speculation. However, it’s not just speculation for some people. Individuals and businesses in Latin America are turning to crypto to escape from the chaos associated with the banking sector. Blockchain analytics provider Chainalysis has confirmed via a blog post […]

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How An Ineffective And Inadequate Banking System In Latin America Is Accelerating Cryptocurrency Adoption

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Cryptocurrency has become a buzz word for individuals looking to make a ton of money through speculation. However, it’s not just speculation for some people. Individuals and businesses in Latin America are turning to crypto to escape from the chaos associated with the banking sector.

Blockchain analytics provider Chainalysis has confirmed via a blog post that the number of cryptocurrency transactions in Latin America has been soaring since March, despite the pandemic.

As Banks In Latin America Fail, Crypto Rises To Fill The Gap

In a September 3 report, Chainalysis observed that besides speculation, the number of people in Latin America using crypto as a medium of exchange and a store of value has grown rapidly. Chainalysis notes that the reason for the full-scale cryptocurrency adoption in Latin America appears to be the inefficient banking sector in the region that the people are so sick of.

Remittances are a particularly important sub-sector of the Latin American economy. Previously, a majority of the remittances to Latin America originated from migrants mainly in the US who remitted cash to family members back at home. However, transactions involving crypto are visibly more prevalent between Latin America and East Asia. The two have transacted cryptocurrency worth over $1 billion, the report says.

Regional experts like Luis Pomata, the co-founder of the Paraguayan exchange, Cripex, consulted by Chainalysis said that people are switching to crypto because it is much easier and faster. In contrast, working with traditional banks is a complicated process that many wish to avoid. Pomata said:

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“Banks in Paraguay are worried about money laundering and picky with who they’ll work with, so the banking application process is long and difficult — many businesses are rejected. And even if you have a bank, it is still very hard and costly to make a wire transfer due to the amount of supporting documentation you need to provide. That is the main reason people switch to crypto.”

Crypto Offers A More Reliable Store Of Value

The Chainalysis blog further outlines that both businesses and individuals in Latin America deem cryptocurrency as a safer store of value as compared to the region’s unstable currencies. This is well evidenced by the trend where peer-to-peer (P2P) trading volumes rise as native fiat currencies lose value.

SatoshiTango’s Sebastian Villanueva, for instance, noted that Venezuela and Argentina are currently printing insane amounts of money which are leading to the devaluation of their respective fiat currencies. This has encouraged more citizens to turn to crypto amidst depreciating currencies. 

Despite bitcoin behaving like a risk-on asset like equities at times, the bellwether crypto is still looking mighty attractive to Latin Americans looking to safely store their savings or simply transact. In other words, cryptocurrency usage in Latin America is increasing — and it goes way beyond mere speculation.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/how-an-ineffective-and-inadequate-banking-system-in-latin-america-is-accelerating-cryptocurrency-adoption/

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Circle K to Host Bitcoin ATMs Across its Convenience Stores

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Major bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with convenience store chain Circle K to install Bitcoin kiosks in the United States and Canada.

Bitcoin Depot and Circle K Partner to Install Bitcoin ATMs

Bitcoin Depot announced the deal via a press release on Thursday (July 22, 2021). According to the company, there are more than 700 Bitcoin ATMs already installed in Circle K locations in 30 states across the U.S.

The partnership provides individuals with a more convenient way to purchase bitcoin, thereby encouraging widespread adoption of the flagship cryptocurrency. Bitcoin Depot already has over 3000 BTC ATM kiosks located in almost every state in the U.S. and also allows users to buy more than 30 cryptocurrencies, including BTC, ETH, and LTC.

Speaking on the latest development, Brandon Mintz, CEO of Bitcoin Depot, said that the partnership deal with Circle K enables the crypto ATM company to expand its services internationally. Mintz also said that the installation of the Bitcoin ATMs would grow the number of customers visiting the convenience store chain while providing financial access to “underserved communities.”

Circle K’s Senior Vice President Global Merchandise and Procurement, Denny Tewell, also made a statement, saying:


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“At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite shop for a growing range of needs and occasions.”

Tewell  added:

“Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy Bitcoin.”

Bitcoin ATMs Continue Exponential Growth

The growth of crypto ATMs globally signals an increasing demand for bitcoin and other cryptocurrency assets. According to data from Coin ATM Radar, there are currently 23,915 crypto ATMs in 75 countries, up from 11,665 ATMs recorded in November 2020. This shows that the number of machines has more than doubled in eight months.

Statistics further show that the United States continues to lead with over 21,000 Bitcoin ATM locations, controlling more than 86% of the market. Canada comes second with BTC ATMs installations in 1696 locations, amounting to 6.8% of the world total.

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Source: https://cryptopotato.com/circle-k-to-host-bitcoin-atms-across-its-convenience-stores/

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

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Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.

  • Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
  • During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.

I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. – Said Dorsey.

  • He also stressed on the fact that if there were a global currency of the Internet, Twitter would benefit a lot because it could move quickly with some of its products such as the Tip Jar, Subscription, Commerce, Super Follows, and so forth.
  • The CEO has been quite vocal about the importance of Bitcoin and its mass adoption.
  • Earlier, as reported by CryptoPotato, the CEO revealed that his financial services company, Square, plans to build a hardware Bitcoin wallet to improve and spread its adoption.
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Source: https://cryptopotato.com/jack-dorsey-sees-bitcoin-as-a-big-part-of-twitters-future/

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‘Wolf Of Wall Street’ Jordan Belfort: Elon Musk Is Filthy Rich To Pump And Dump Bitcoin

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Binance CEO CZ Lambasts Tesla CEO Elon Musk For 'Irresponsibly' Manipulating The Crypto Market

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Jordan Ross Belfort, best known as the “Wolf of Wall Street” portrayed by Leonardo DiCaprio, doesn’t believe that Tesla/SpaceX CEO Elon Musk really manipulates crypto prices contrary to countless claims.  

Speaking with Fox Business on Thursday, Belfort posited that Musk is stinking rich to be pumping and dumping dogecoin, bitcoin, or other cryptocurrencies in order to make a quick buck off of it. 

“I like Elon Musk and I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”

Jordan Belfort, the former Wall Street penny-stock broker who pleaded guilty to stock market fraud in 1999, explained that while Musk himself might not be pumping and dumping, traders might be using his endorsement and they pump and dump around the hype that the billionaire tycoon creates.

Musk, famous for his odd-timed tweets, has constantly been accused of being a master manipulator. Notably, his tweets on major cryptocurrencies like DOGE and BTC, have sent their prices up and down within seconds.

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At The B Word conference held on Wednesday, Musk shared details of the three cryptocurrencies that he personally owns as well as the cryptos held by his two companies. He also admitted that he might occasionally pump crypto prices, but he doesn’t dump. “If the price of bitcoin goes down, I lose money,” Musk explained.

The Tesla chief went on to state that he is interested in seeing bitcoin succeed — not just getting the price high and cashing out at higher prices.

Belfort, however, maintains that Musk is most likely “inadvertently being used” to pump and dump cryptocurrencies. 

Belfort Is Hoping Bitcoin Price Rips Lower

During his interview, Belfort also affirmed that he is invested in bitcoin (BTC), and ethereum (ETH) and is in it for the long haul. In fact, he hopes the price of the bellwether cryptocurrency falls again to as low as $5K per coin so that he can grab some more.

“I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short term. I would love it to go back to $5000 and buy a ton of it here and that would be a great thing.”

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BTCUSD Chart By TradingView

At the time of publication, the bitcoin price is in the process of attempting a sustained breakout above $32,400 where the price has been hovering for 48 hours or so.

The Wall Street criminal-turned-author also noted that no one actually knows where the price of bitcoin goes next and if anyone says they do, they are definitely lying.

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Source: https://zycrypto.com/wolf-of-wall-street-jordan-belfort-elon-musk-is-filthy-rich-to-pump-and-dump-bitcoin/

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