Blockchain Summit Latam 2024: the role of Bitcoin in Latin America's financial transformation
By Karotlover
During his talk at Blockchain Summit Latam 2024, Manuel Terrones Godoy, known as KmanuS, emphasized Bitcoin’s crucial role as an alternative to the traditional financial system. KmanuS pointed out that while central banks perpetuate a debt cycle that favors the wealthy, Bitcoin offers a decentralized solution that protects the value of money and promotes economic freedom. The event, held in Colombia, highlighted the growing importance of decentralized technologies in Latin America, cementing the region’s role as a key player in the global crypto ecosystem.
Blockchain Summit Latam 2024 continues to establish itself as a vital event for the crypto, blockchain, and web3 communities in Latin America. With its focus on business and networking, this year’s summit in Colombia brought together leaders, investors, and visionaries from the crypto space to discuss the future of the industry in the region.
One of the most anticipated moments of the event was the participation of Manuel Terrones Godoy, better known as KmanuS, a content creator, investor, speaker, and advocate for Web3. As the founder of Bipzy (Community VC) and Vexio LATAM, KmanuS has earned a reputation as one of the most influential voices in the Spanish-speaking crypto ecosystem. In his talk, the Argentine influencer criticized central banks, arguing that the real pyramid scheme is not Bitcoin (BTC), but rather the institutions that control the issuance of money.
Bitcoin vs. Central Banks: A Path to Economic Freedom
In his presentation, KmanuS explained that Bitcoin offers a financial alternative that safeguards economic freedom, standing in stark contrast to the centralized and manipulable nature of central banks. He pointed out that the global economic problem lies in the perpetual debt systems created by traditional financial institutions. According to him, these systems function like a “pyramid scheme,” relying on constant money issuance and debt refinancing to remain viable.
“The perpetual debt system created by central banks is, in essence, a pyramid scheme,” KmanuS stated. He explained that, much like a pyramid scheme, central banks depend on a continuous influx of new money to pay off old debts, an unsustainable cycle that ultimately affects global economies.
The Federal Reserve and the Debt Crisis
KmanuS offered a historical analysis of the events that shaped the current financial system, beginning with the creation of the Federal Reserve in 1913, which marked the beginning of the modern debt and refinancing cycle. He pointed to the destruction of the gold standard in 1971 and the Bretton Woods agreements of 1944 as events that cemented the power of central banks and normalized the issuance of unbacked money.
KmanuS criticized the model of perpetual inflation, noting that it disproportionately affects those living paycheck to paycheck, while the wealthy can invest their surplus to outpace inflation. He also condemned the fractional reserve banking system, calling it a “superficial solution” that fails to address fundamental economic issues.
Instead, he argued that the true path to a healthy economy lies in saving and monetary stability, both of which are offered by Bitcoin—a currency resistant to devaluation and limited to a total supply of 21 million units.
Bitcoin: A Solution to Financial Manipulation
KmanuS explained that Bitcoin solves many of the problems inherent in the centralized financial system. He highlighted Bitcoin’s decentralized nature, its resistance to manipulation, and its ability to preserve value in the long term—qualities that make it a powerful tool for those looking to protect their wealth.
“Bitcoin solves practically all financial problems—it’s divisible and non-manipulable, with a pre-programmed limit of 21 million coins,” KmanuS said. He added that although Bitcoin experiences price fluctuations due to its dynamic role in the economy, its intrinsic value lies in its resistance to devaluation.
Political Barriers to State-Level Bitcoin Adoption
KmanuS also addressed the political challenges that hinder the state adoption of Bitcoin. He explained that governments are reluctant to “give up the biggest business in history”—the ability to print money. Bitcoin, he argued, threatens this monopoly, but its growth remains unstoppable despite attempts to suppress it.
He also discussed how, following the 2008 financial crisis, central banks responded with inflationary policies, which led to the creation of Bitcoin in 2009. “Bitcoin is unstoppable,” KmanuS affirmed, noting that global adoption continues to rise. He pointed to the recent approval of Bitcoin spot ETFs in the United States and how the cryptocurrency has begun to feature in the political discourse of both Democratic and Republican presidential candidates.