After El Salvador adopting Bitcoin as national currency, other countries could follow suit in the future
In a new video, “Congratulations Bitcoin,” on Youtube by Cardano creator Charles Hoskinson, he argues that many nation-states will follow El Salvador lead.
Charles Hoskinson
Charles Hoskinson believes Bitcoin & El Salvador will ultimately change the world
After El Salvador became the first country to adopt Bitcoin as a national currency, Hoskinson predicts that other countries may follow suit in the future.
“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),” IOG CEO stated.
On September 7, the tropical nation’s highly controversial Bitcoin law will officially come into effect despite fierce opposition. Proponents argue that the country is embarking on the path to economic freedom, while opponents are convinced the government of the impoverished tropical nation should have directed its resources elsewhere.
Last week, El Salvador’s Congress approved creating a $150 million Bitcoin fund, whose purpose is to ensure automatic conversion of the flagship cryptocurrency into the U.S. dollar.
He said that the country making Bitcoin legal tender could be a moment to reflect on how far the industry has gone in only 12 years. Then he added that every nation-state from here on out would have to come up with its cryptocurrency strategy:
“We, as the industry, won. Now we are just sorting out the details of what it means. What this does is that it legitimizes the belief that we should be in control of the money in our pockets and we should be ultimately in control of how that money moves and who receives it.”
Hoskinson also took a stance against crypto tribalism, claiming that there is more to the crypto industry members than dividing them. Cardano’s smart contract launch date has been confirmed for September 12.
If El Salvador defies skeptics with its Bitcoin ambitions, other Latin American countries may likely follow its lead.
Read more:
- Fast-Food Giant McDonald’s Began Accepting Bitcoin Payments In El Salvador
- El Salvador Bought Its First 200 Bitcoin, Ordered Sanctions Businesses That Refuse To Accept BTC