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Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that many more countries would eventually follow in the Latin American nation’s footsteps.
El Salvador’s acceptance of Bitcoin further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin” YouTube video on Tuesday.
The founder of Cardano said he is convinced that cryptocurrencies like Bitcoin are the future of money, as the younger generation will inevitably trigger the massive adoption of crypto. “The majority of people under 25 have a positive outlook on cryptocurrencies, and a lot of them do. It’s the future. Their children will grow up with these values and beliefs about the nature of money, ”he said.
Hoskinson further predicted that more countries around the world would enter the cryptocurrency industry by accepting crypto through various government structures, stating:
“In the years to come, many other nation states will use crypto as part of their monetary policy, either as reserves in their central banks or by using cryptocurrency rails for central bank settlements. , or potentially simply by taking a cryptocurrency – as El Salvador did – and making it the national currency.
Related: Republic of Panama Introduces Bill to Regulate Crypto
Hoskinson isn’t the only one who believes that El Salvador’s adoption of Bitcoin will eventually push more countries to dive into crypto:
Today, Bitcoin has been officially recognized as legal tender in its first country.
Beyond the headlines, there is now pressure on competing countries to acquire Bitcoin, even if it is only a reserve asset, as its design is a massive incentive for early adoption.
Latecomers may regret having hesitated https://t.co/mggfDk4v9z
-Edward Snowden (@Snowden) September 7, 2021
On Tuesday, September 7, El Salvador officially became the first country in the world to accept Bitcoin as an official currency, forcing all local merchants to accept Bitcoin as a form of payment. Bitcoin then experienced a major lightning crash, with its price falling from around $ 52,000 to below $ 43,000 on Tuesday.
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