Elon Musk, CEO of Twitter, SpaceX, and Tesla has shared his opinion on the most recent developments in the creation and use of a foreign currency union in Latin America. The president of Argentina and Brazil have discussed the possibility of a joint currency and Musk acknowledged that this could be “probably a good idea” in response to the issue brought up on social media.
Elon Musk Weighs In On the Latin American Currency Union
The recent developments in Brazil and Argentina’s plan to examine the issuance of a common foreign currency union, dubbed “Latam” have caused a flurry of reactions from people around the world. Elon Musk, CEO of Twitter, Tesla, and SpaceX, recently weighed in on the possibility of launching the second-largest financial union after the European Union.
In response to a tweet suggesting that Latin American countries could join the plan, Musk stated:
It’s probably a good idea.
The Economy Minister of Argentina, Sergio Massa, has said that this dialogue is just one of the many steps in the creation of a currency, which is preliminarily known to be called “SOUTH”. It may take some time for this initiative to become reality, but the ultimate goal is to reduce the US dollar’s influence in the region.
Distrust of the US Dollar
There have been many individuals who have predicted the demise of the US dollar as a reserve currency for personal and international use, urging people to move away from fiat money and instead invest in more reliable options. Robert Kiyosaki, author of the book “Rich Dad Poor Dad”, has been vocal about this issue for a while, claiming that the US dollar is “toast” as Saudi Arabia signaled its intention of joining the BRICS. In October. He also recommended buying Bitcoin to avoid the collapse of the greenback come January 2023.
In March, Musk made comments on social media to his followers on inflation rates and how he believes in trading dollars for physical assets.
Musk explained:
As a general rule, for those seeking advice from this thread, it is usually better to own physical things like a home or shares in companies that you believe are good products, than dollars when inflation is high.
Furthermore, Musk cleared up that he does not plan to be selling his Bitcoin or Dogecoin anytime soon.
What are your thoughts on Elon Musk’s opinion of the Latin American currency union? Let us know in the comments below.
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