America’s second-largest company, Mercado Libre, has announced that it plans to list 75 properties. To buy one of these properties, the buyer must imperatively pay in Bitcoin. In addition, the South American giant has also set up a webinar for nearly 300 agencies to provide them with additional information on cryptocurrencies.
In fact, company boss Marcos Gallering had said during this year that Bitcoin was a much better store of value than gold. Nonetheless, he does not believe that digital currencies will replace fiat currencies because of “high energy cost required to process its transfers ”.
In addition, Coin telegraph tells us that the group has a digital payment system, Mercado Pago.
Simple marketing or real adoption of cryptocurrencies?
This question arises quite often when a business decides to go for or accept crypto. When Tesla decided on $ 1.5 billion in Bitcoin, the marketing adoption conundrum was raised by many commentators. More and more businesses are accepting crypto payments. Nowadays, there are crypto prepaid cards like Bitpay or Crypto.com that allow crypto holders to convert their tokens into fiat currency to transact online.
For Mercado Libre, cryptocurrencies represent a “innovative value haven”. The commercial director of vehicles, real estate and free market services at Mercado Libre, Juan Manuel Carretero has touted the values of Bitcoin.
We are always attentive to changes in the market. Bitcoin offers multiple advantages for real estate transactions, both for the buyer and for the seller. Today we are launching the crypto section within Mercado Libre Inmuebles, and within hours there are already 75 properties available.
Is the context favorable?
The Latin America zone, like the rest of the world, has been heavily affected by the health crisis. In Argentina, where the headquarters of Mercado Libre is located, is experiencing one of the worst moments in its history. Indeed, the gross domestic product of the country has shown a decrease of 7% the year and double-digit inflation has accumulated 42.6% over the last twelve months. Worse, the purchase of dollars is rationed in the economy.
Suddenly, American households think a lot about the use of cryptos as an alternative to the censorship of the dollar at $ 200 of the Argentine authorities. There are said to be no less than 2 million active crypto users in Argentina.
Argentina wouldn’t be the only country in Latin America interested in crypto. Gestion Pe, a Peruvian media outlet, tells us that: “According to the latest Statista Global Consumer Survey report released in March, Peru leads South America with a higher percentage of cryptocurrency users (16%). ”
Venezuela is also part of the club of digital currency lovers. Moreover, the Venezuelan government has already issued a digital currency, the Petro, backed by the country’s oil and mineral reserves.