Could Bitcoin Or Dogecoin Be 'Right Long-Term Bet' For Argentina, Brazil's Common Currency? Cryptoverse Weighs In

As Brazil and Argentina take the first steps towards creating a common currency, Coinbase COIN CEO Brian Armstrong suggests the two nations should consider moving to Bitcoin BTC/USD instead. He believes this could be the “right long-term bet” for their currency.

What Happened: Brazil and Argentina are taking steps to deepen economic integration, which includes the goal of establishing a common currency. 

Cryptocurrency enthusiasts are calling for Argentina and Brazil to adopt their favorite coins.

Dogecoin DOGE/USD enthusiast 'Doge Whisperer' has said that Dogecoin could potentially make “more sense as a currency” due to Bitcoin's status as” a store of value,” a tool for building generational wealth, and a “hedge against inflation.”

See More: Best Crypto Day Trading Strategies

Meanwhile, Litecoin LTC/USD supporter Shan Belew has suggested that perhaps the decision-makers behind Dogecoin should consider switching to Litecoin as a long-term bet.

Wonder if they would consider moving to Litecoin - that would probably be the right long term bet

— Shan Belew �🕸 (@MASTERBTCLTC) January 23, 2023

Michael Jordan, an Algorand influencer, opposed Bitcoin, stating its financial instability. “If you get paid in BTC on Monday, then go buy your groceries on Saturday... you may or may not have enough money to provide for your family.”

Macroguru Raoul Pal noted that trying to manage a national currency with 100% volatility that drops 65% during a recession and rises 10x during an economic boom can prove daunting for businesses who wish to plan for or hedge against such extremes.

Currently no one can have a national currency with 100% volatility that declines 65% in the down part of the business cycle and rises 10x in the up cycle. Businesses struggle to plan or hedge that.

— Raoul Pal (@RaoulGMI) January 23, 2023

Price Action: At the time of writing, DOGE was up 6% in the last 24 hours, trading at $0.089, while BTC was down 0.87% at $22,713 in the last 24 hours, according to Benzinga Pro

Read Next: Dogecoin, Ethereum Spike As Bitcoin Holds Above $21K: Analyst Warns 'Late Bulls To Flip Bearish' If Apex Crypto Retests This Level