Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition, the U.S. purchases pesos to stabilize the Argentine economy, Colombia terminates World’s biometric operations, and the Mexican billionaire Ricardo Salinas estimates bitcoin will reach $1.5 million.
Latam Insights: US Bails Argentina, Colombia Terminates World's Operations
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US Treasury Intervenes in Argentine Currency Market as Trump Ties Support to Milei’s Electoral Success
The U.S. Treasury announced a new intervention to help the Argentine government rein in the dollar-peso exchange rate amid a strong demand for the greenback.
On social media, U.S. Treasury Secretary Scott Bessent stated that the institution had purchased Argentine pesos in both blue-chip swap and spot markets.
He stated:
Treasury remains in close communication with Argentina’s economic team as they work to Make Argentina Great Again.
While he did not disclose the size of this intervention, he stated that the Treasury was “monitoring all markets,” highlighting that they had “the capacity to act with flexibility and with force to stabilize Argentina.”
Colombia Pulls the Plug on Sam Altman’s World Operations Due to Data Laws’ Noncompliance
World, the biometric data ID company, has been sanctioned in Colombia due to its alleged noncompliance with national personal data treatment laws. In a recently issued statement, the Superintendence of Commerce and Industry of Colombia (SIC) stated that World Foundation and Tools for Humanity would have to terminate its data treatment activities in the country.
According to the SIC, these companies failed to comply with data laws that indicate that all institutions must have a clear policy regarding the treatment of this data, including procedures allowing users to manage their data, and security measures to manage the risks of handling this data.
$1.5M Bitcoin in Sight: Billionaire Says BTC Will Go up at Least 14x From Here
Bullish sentiment toward bitcoin continues to accelerate as investors increasingly regard it as a resilient hedge against inflation and fiat currency devaluation. Mexican billionaire and Grupo Salinas chairman Ricardo Salinas Pliego shared on social media platform X on Oct. 16 that the cryptocurrency could dramatically rise in value, positioning it as the next global store of wealth.
His remarks reinforced growing confidence in bitcoin’s long-term potential to outperform traditional assets such as gold. Salinas wrote:
Bitcoin will go up at least 14 times (means $1.516 million) to catch up with gold — and then it will continue to outperform.
FAQ 🧭
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What recent action did the U.S. Treasury take regarding Argentina?
The U.S. Treasury purchased Argentine pesos to help stabilize the dollar-peso exchange rate amid increasing demand for the U.S. dollar. -
What consequences did World face in Colombia?
Colombia’s Superintendence of Commerce and Industry ordered World to terminate its biometric data operations due to noncompliance with national data laws. -
What did Ricardo Salinas Pliego predict about Bitcoin’s future value?
The Mexican billionaire projected that Bitcoin could rise to $1.5 million, possibly increasing by at least 14 times as it positions itself as a leading store of wealth.
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