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Here at Bitcoinist, we’re going to let people talk. It’s been a week since the first country adopted bitcoin as legal tender and we are already thinking about hyperbitcoinization around the world. It’s enthusiasm for you. The fact that a sovereign country is exposed to bitcoin – the asset – thus sets in motion several scenarios that all lead to a Bitcoin future. The process could take years, however. Decades.
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So, in our first massive Twitter survey, Bitcoinist asked:
Since Bitcoin is legal tender in El Salvador, how long before it becomes the world’s reserve currency?
The answers will surprise you.
With #Bitcoin being legal tender in #El Salvador, how long before it becomes the world reserve currency? @nayibbukele
– Bitcoinist.com (@bitcoinist) September 7, 2021
People talk: hyperbitcoinization When?
Bitcoin will become the world’s reserve currency in “5 to 10 years,” according to 32% of our Twitter followers. They are in the majority, but the poll was tight. Very close. “1 to 5 years” and “over 10 years” got around 23%, and “Never” got almost 22%. Bitcoinist’s first global survey got a total of 616 votes, so the results represent a significant sample of the human population … who read about Bitcoin.
To sum up what happened in El Salvador: the government has decided to adopt bitcoin as legal tender alongside the dollar. The IMF rejected their request for help in integrating bitcoin into the Salvadoran economy. With help from CABEI, they did it anyway. Analyze what all this means for the ecosystem, Bitcoin Magazine said:
“This Bitcoin game theory movement will trigger a chain reaction among other countries to adopt bitcoin, help bank the unbanked, and protect the purchasing power of those who adopt it from printing. rampant fiat by all nation states. “
And according to all of you, the process will take 5 to 10 years. Isn’t this figure too conservative? Haven’t things gone extremely fast lately? At the start of the year, who would have thought that a nation state would adopt bitcoin as legal tender? But hey… who are we to judge your answers? The plan was to let people talk and the majority said hyperbitcoinization will happen in 5-10 years.
Experts speak: a global reserve currency
Experts are people too. And here at Bitcoinist, we have a huge archive of quotes and reports from the best Bitcoin minds in the world. Let the people speak! What are experts saying about bitcoin becoming the world’s reserve currency? Now, they basically preached that this was all going to happen for years.
Author of “The price of tomorrow”, Jeff Booth said on the Keizer report:
“First of all, I see Bitcoin as a likely, very likely candidate for a global reserve currency. So I see that it has a very good chance of winning over time because it operates on a network effect.
Max Keizer himself once noted:
“This ten-minute coin issuance program makes bitcoin the world’s central bank with the strongest monetary policy possible.”
And as to why this has to change, we quoted once investor, podcaster and author, Preston Pysh:
Pysh sees Bitcoin as a likely candidate to become the “different form of money” because “it’s the option none of the governments want, but it’s also the solution they can’t easily stop.”
As a side note, check out what other experts have said to the question: Would it be too early for a country to adopt bitcoin as legal tender? The answers from our TALKING HEADS will also surprise you.
BTC price chart for 09/15/2021 on OKcoin | Source: BTC/USD on TradingView.com
People are talking: comments on Twitter
Some of you had additional emotions to express. It’s not just the years until humanity’s inevitable Bitcoin future, some of you had other concerns on your mind. Some of them were related to the topic being dealt with, others less so.
Related reading | These bullish factors suggest Bitcoin is on the verge of posting an explosive move higher
Here is a selection of the coolest comments received by our survey.
Luis Martins noted:
“Unfortunately, human intelligence may need infinite time to reach this time and the universe ends before that. But those who see the light should push in that direction, because it is the right direction.
Edgar Pineda noted:
“I think Bukele is doing his best for El Salvador, I hope the Salvadorian doesn’t let him down.”
And Tim raised a deep question:
“Isn’t that already a global reserve currency? “
Food for thought. Maybe… maybe bitcoin has already won? How do people around the world efficiently store value? Is… bitcoin already a global reserve currency?
Featured Image by Gerd Altmann from Pixabay - Charts by TradingView
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