BTC Adoption by El Salvador: A Win for the Entire Crypto Space?

6:48 am, Thu, 9 September 21

The official adoption of Bitcoin as a legal tender by El Salvador is a monumental event. Despite some doubts and opposition surrounding the idea, the Bitcoin law has been implemented. This has made El Salvador the first country in the world to have BTC as a legal tender.

The initiative was taken by the President of the country, Nayib Bukele who has been quite optimistic about the outcome of the Bitcoin law implementation.

According to reports, President Bukele might not be the only hopeful voice you may hear. The creator of Cardano, Charles Hoskinson, also voiced his opinion in favor of the flagship crypto asset adoption.

Hoskinson believes that digital assets such as Bitcoin are the “future of money”.

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How Bitcoin Adoption is Beneficial for the Crypto Market?

El Salvador has already inspired other countries such as Panama to work on a Bitcoin bill to adopt the crypto asset as a legal tender. According to Charles Hoskinson, this initiative is likely to play a major role in the future as other countries will start adopting crypto assets.

He stated:

In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements. Or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”

Hoskinson took to Twitter and posted a video yesterday labeled “Congratulations Bitcoin.” He spoke about the adoption of BTC by El Salvador and stated:

“We, as the industry, won. Now we are just sorting out the details of what it means,”

According to Hoskinson, this has been a major event in the world of crypto for everyone, no matter which crypto asset they prefer. He also stated that the adoption has portrayed a positive image of digital assets for people under the age of 25. Most of these individuals own digital currencies as well and now have a good idea about the nature of money.

He stressed the importance of adopting Bitcoin as a legal tender in a country and stated that this:

“…legitimizes the belief that we should be in control of the money in our pockets and we should ultimately be in control of how that money moves and who receives it.”

Where Does BTC Stand and What Should you Know?

Despite being in the headlines positively, Bitcoin has not seen the kind of price surge many expected.

The flagship cryptocurrency saw a drop in its price shortly after it was adopted by El Salvador and is currently trading at $46,389 (at the time of writing).

Even though the price is not as high as expected, Bitcoin’s value remains intact and is expected to see a price surge soon.

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