Many countries will follow El Salvador’s example in the coming years, assures Charles Hoskinson
In a video posted on YouTube, Charles Hoskinson, the founder of Cardano (ADA), revisited the adoption of Bitcoin (BTC) as legal tender in El Salvador. On September 7, 2021, El Salvador became the first country in the world to adopt the cryptocurrency. All merchants in the country now accept the currency as payment, including large multinationals, including McDonald’s and Starbucks.
“In the coming years, many more states or nations will use cryptocurrency as part of their monetary policy, either as a reserve in their central banks […] or potentially by simply taking a cryptocurrency – as El Salvador has done – and making it the national currency,“ argues Charles Hoskinson.
According to the Cardano founder, mass adoption of cryptocurrencies is on its way. Charles Hoskinson believes that “ the majority of people under the age of 25 have a positive view of cryptocurrencies”. The American entrepreneur adds that many of the individuals under 25 already hold digital currencies.
” This is the future. Their children will grow up with these values and beliefs about the nature of money. In some ways, the crypto industry has won. […] Crypto is going to change the world,” the Cardano founder prophesies.
According to a report by Crypto. com published in July 2021, there are already 221 million cryptocurrency users worldwide. This figure has doubled in the space of just 6 months, confirming Charles Hoskinson’s words about the massive adoption of cryptocurrencies. Of these investors, 114 million individuals own Bitcoin (BTC).
On the other hand, a study by Gemini exchange regarding the United States shows that the majority (74%) of cryptocurrency owners are between 25 and 44 years old. Only 3% of cryptocurrency owners are under the age of 25.
” Our data shows that the ‘typical’ cryptocurrencyholder is a 38-year-old male,” Gemini says in the 2021 survey.
Edward Snowden confirms Charles Hoskinson’s predictions
Famous whistleblower Edward Snowden agrees with the predictions of Charles Hoskinson.ns. On Twitter, he believes that ” pressure is now being put on competing countries to acquire Bitcoin “. Even though Bitcoin is only a “reserve asset,” the design of the crypto « reserve asset, “ the design of the cryptocurrency « provides massive incentives for early adoption . Edward Snowden has always been a strong supporter of Bitcoin.
Today Bitcoin was formally recognized as legal tender in its first country.
Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin-even if only as a reserve asset-as its design massively incentivizes early adoption.
Latecomers may regret hesitating https://t.co/mggfDk4v9z
– Edward Snowden (@Snowden) September 7, 2021
Several countries have already expressed interest in the cryptocurrency. Shortly after El Salvador’s announcement in June, a parliamentarian from the Kingdom of Tonga came out in favor of Bitcoin adoption. Mexico, meanwhile, has decided to fast-track a legal framework for cryptocurrencies.
More recently, Panama has introduced a law to recognize any cryptocurrency as a means of payment. Finally, it is worth noting that Ukraine has just passed a proposed law that frames digital currencies. Who will be next?
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About the author : Florian Bayard