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Elon Musk, CEO of Twitter, SpaceX and Tesla, gave his opinion on the latest reports on the creation of a common currency in Latam, which Argentina and Brazil will initially work on. Musk said the move would “probably be a good idea”, commenting on the matter on social media.

Elon Musk gives his opinion on the Latin common currency

The last reports that Brazil and Argentina are starting to look into issuing a common currency for Latam has already sparked reactions around the world. Elon Musk, CEO of Twitter and Tesla, recently gave his appreciation for the issuance of such a currency, which would create a common economic space for the Latam countries.

Responding to a tweet that other Latin American countries would be invited to join the plan to create the second largest monetary union behind the European Union, Musk declared:

Probably a good idea.

Argentina’s Economy Minister Sergio Massa has warned that this discussion will only be one of the first steps in the construction of the currency which is tentatively called “sur”, and that it could take some time to that this initiative is completed. The purpose of this currency would be to undermine the strength of the US dollar in the region.

Distrust of the dollar

Several personalities have predicted the fall of the US dollar as a personal and global reserve currency, calling on individuals to ditch fiat currency and invest in healthier alternatives. Robert Kiyosaki, author of the book Rich Dad Poor Dad, has been warning his followers about this for some time, indicating that the US dollar was ‘fried’ as Saudi Arabia signaled its intention to join the BRICS in October. Also, Kiyosaki advised buy bitcoin to avoid the dollar crash that he predicts will occur by January 2023.

In March, Musk made recommendations on social media for his followers about inflation rates and how he believes in dumping dollars to acquire physical assets.

Musk explained:

As a rule of thumb for those looking for advice on this thread, it’s usually better to own physical assets like a house or shares in companies that you think make good products, than dollars when inflation is high.

Additionally, Musk clarified that he will not be selling his bitcoin or dogecoin at this time.

What do you think of Elon Musk’s view on reports of issuing a common Latam currency? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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