It seems that the adoption of crypto will start in South America because this is the region where the change is happening with a bottom-up approach with citizens of many countries investing in cryptocurrencies to hedge against the US dollar and their national fiat currencies. Flybondi, a low-cost airline operator from Argentina, is offering NFT tickets that can be paid for with cryptocurrencies.
The widespread adoption in South America
We have recently reported about the ongoing trend in Argentina, Brazil, Peru, Venezuela, and several other nations in South America of using stablecoins pegged by national fiat money to buy resilient financial assets like Bitcoin and Ethereum. The volume of trading in Peru involving USDT and Sol-pegged PEN has been growing every month.
Amidst raging inflation in Peru and Venezuela, local citizens do not have faith in their fiat currencies and prefer to use crypto as a vault for their capital. The trend was just heating up in 2021, but the global recession that hit the world in full force at the beginning of 2022 dramatically increased interest from citizens of these countries to various tokens.
The significant increase in trade volume across many nations of South America did not go unnoticed by corporations interested in tapping into the valuable audience of crypto holders. Flybondi is among the companies that want to spearhead the new trend of accepting crypto for their services. The lowcoster will sell NFT tickets to clients for various types of crypto.
Other companies may follow suit if this experiment proves to be successful. The adoption of crypto assets and the issuance of CBDC by central banks of South America seem to be done deals now with the only remaining factor being time.
The wind is changing despite the crypto winter
It seems that the current bear trend in the market should scare off investors, governments, and corporations, but many countries are still going forward with their plans to issue CBDC, allow crypto trading, and more. With more companies embracing the idea of selling their products and services for BTC and ETH, the worldwide adoption feels like a probable outcome.