More countries watching El Salvador’s bitcoin movements, says Cardano creators

After El Salvador used Bitcoin (BTC) as authorized tender on Tuesday, Cardano founder Charles Hoskinson predicted that sooner or later extra countries will observe within the Latin American nation’s footsteps.

The introduction of Bitcoin by El Salvador additional legitimizes the idea that individuals ought to be accountable for their cash, mentioned Hoskinson within the YouTube video “Congratulations to Bitcoin” on September seventh.

The founding father of Cardano was assured that cryptocurrencies like Bitcoin are the way forward for cash because the youthful technology will inevitably set off the mass adoption of cryptocurrencies. “The majority of people under the age of 25 have positive attitudes towards cryptocurrencies, and many of them own them. That’s the future. Your children will grow up with these values ​​and beliefs about the nature of money, ”he mentioned.

Hoskinson additionally predicts that extra countries world wide will transfer into the crypto business by accepting cryptocurrencies as a part of numerous authorities constructions, stating:

“In the years to come, many more countries will use crypto as part of their monetary policy, either as a reserve in their central banks or via crypto rails for funds. Central bank payments or possibly just taking crypto like El Salvador and turning to.” it within the native foreign money. “

Related: Republic of Panama Adopts Cryptocurrency Regulatory Bill

Hoskinson isn’t the only one who believes that the introduction of Bitcoin in El Salvador will eventually spur more countries to cryptocurrency:

Today, Bitcoin is officially recognized as legal tender in its first country.

Beyond the headlines, there is now pressure on countries to compete – if only as a reserve – to buy Bitcoin as its design strongly encourages early adoption.

Latecomers can regret the hesitation https://t.co/mggfDk4v9z

– Edward Snowden (@Snowden) September 7, 2021

On September 7th, El Salvador officially became the first country in the world to accept Bitcoin as its official currency and required all local merchants to accept Bitcoin as a means of payment. As a result, Bitcoin experienced a major crash, with its price dropping from around $ 52,000 to just $ 43,000 on Tuesday.