BORDERLESS BITCOIN: ALL EYES ON LATIN AMERICA

A new beginning

There is a 'bit' of a laser focus on Latin America recently. After El-Salvador made the historic move of making Bitcoin legal tender in the Central American country, laser eyes are setting Twitter ablaze with many Latin American political figures focusing their beams on Bitcoin. This magnetic response to Bitcoin was only inevitable, with the dollar losing more and more purchasing power as inflation climbed to its highest rate since the housing crash of 2008.

The 5% inflation is only one reason for treasuries worldwide to secure Bitcoin. Bitcoin not only allows you to be your own bank, but would help countries like El-Salvador circumvent the international banking institutions like the IMF and World Bank and wean off of them-as these institutions set strict guidelines on countries that they lend to, such as El-Salvador.

Paraguay

Subsequent to the historic move by El-Salvador, Paraguayan Congressman Carlitos Rejala tweeted out explicit support adopting Bitcoin, laser eyes and all stating: "This week we start with an important project to innovate Paraguay to the front of the world!" Finishing the tweet with a Bitcoin and rocket emoji.

He has presented a bill which would seek to facilitate Bitcoin mining in the country and promote crypto in general. Speaking of the bill Rejala stated it would: "allow cryptocurrency companies - whether in mining or another segment, such as exchanges - to finance their Paraguayan operations with cryptocurrencies, remit dividends abroad and capitalize their cryptocurrency profits in local banks."

Bitcoin was made as a tool to fight back against corrupt political power, and the Bitcoin revolution is sweeping the globe, re-distributing this power to the people - and the power is not the profit of Bitcoin, the profit is the power of Bitcoin.

Brazil

The nod for Bitcoin, or should I say the glare, continued south of Central America with a prominent deputy in Brazil putting the laser gaze on his profile picture with a hashtag #LaserEyesUntil100k with another Brazilian deputy Gilson Marques doing the same. The Central bank of Brazil has been a pioneer in Latin America in CBDC studies as well recently with their Central Bank issuing CBDC guidelines.

In the report they embrace smart contracts, IoT, and programmable money as part of their outline for a potential CBDC. CBDC's are controversial but unlocking the power of smart contracts can open up the country to mass crypto-currency adoption. It is no doubt a positive step as knowledge and awareness of the power of blockchain technology can unleash the immutable nature of crypto and the various opportunities in applications therein such as DeFi and help bank the unbanked.

Moreover, Brazil also uses hydro-electricity, so clean mining is a prospect in that country as well with 80% of electricity generated from hydro-power plants. Currently Brazil only uses 25% of its hydropower capability, and could harness it towards mining. Another source of revenue for a country like Brazil could be to lease out electricity to Chinese miners, who could move their operations and advanced equipment to a country like Brazil.

Next to join Bitcoin

In addition, Panamanian, Mexican, and Argentinian politicians all voiced support for Bitcoin adoption on Twitter following El-Salvador's move. It is clear that there is a revolution going on. Politicians are starting to understand that holding Bitcoin in their reserves is not only profitable, but philosophically important, as Bitcoin has no centralized entity that could inflate it, change it, or use it as leverage for control.

The zeal for Bitcoin lies in the fact it is a vehicle for freedom-and with freedom comes power, power over your own destiny and path. Politicians are starting to realize they either join Bitcoin, or they will be left behind-and it makes sense that struggling countries in South America are the first to see the light, as they have been under the yolk of international banking and fiat currency which comes with all the poison pills of political manipulation and control. This laser focus on Latin America is set to sweep the world as more and more realize that borderless bitcoin means a borderless economy-with no strings attached, just bits.