After El Salvador’s historic introduction of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that many more countries would follow the Latin American country.
Bitcoin acceptance in El Salvador confirms that people should be in control of their money, Hoskinson said in a YouTube video titled “Congratulations Bitcoin” on Tuesday.
The Cardano founder is confident that cryptocurrencies like Bitcoin are the future of money, as the younger generation will inevitably trigger the mass adoption of cryptocurrencies. “The majority of people under the age of 25 are positive about cryptocurrencies, and many of them own them. This is the future. Your children will grow up with these values and beliefs about the nature of money,” he said.
Hoskinson also predicted that more countries around the world would enter the cryptocurrency industry and use it under various government structures.
“In the coming years, many more countries will include crypto currencies in their monetary policy. Either as reserves in their central banks or they use crypto currencies for central bank accounts. Or they just make a crypto currency their national currency, like El Salvador.”
In this context: Republic of Panama introduces bill to regulate cryptocurrencies
Hoskinson is not the only one who believes that the acceptance of Bitcoin in El Salvador will encourage other countries to take similar steps.
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
On Tuesday, September 7th, El Salvador officially became the first country in the world to adopt Bitcoin as its official currency. All merchants in the country are required to accept Bitcoin as a means of payment. Bitcoin suffered a major flash crash that slumped from around $ 52,000 to below $ 43,000 on Tuesday.