As countries like El Salvador and Panama are Adopting Bitcoin and other cryptocurrencies as legal assets, Edward Snowden has highlighted that this may influence all sorts of other countries to adopt Bitcoin and other crypto-assets as well.
Snowden Explains Things About Bitcoin Adoption
Former Intelligence Community Officer, Edward Snowden, posted on Twitter about the worldwide adoption game of Bitcoin, saying that the countries who get involved in Bitcoin the earliest will enjoy its benefits the most, basically putting pressure on the countries who are lagging behind the ideology of cryptocurrency becoming mainstream worldwide.
Snowden tweeted that it is a great achievement for Bitcoin that it has been formally deemed as legal tender for the very first time, obviously referring to El Salvador. This means that a lot of pressure will be put on countries that are willing to adopt the crypto king. Even if Bitcoin is used as a reserve asset, the design of the crypto supports the ones who try to adopt it the earliest.
Snowden also mentioned Aaron Van Wirdum, from the Bitcoin magazine, highlighting the new way with which the people of El Salvador are now able to easily pay for their McDonald’s meal by taking advantage of the lightning network. Van Wirdum basically wanted to test if he could pay for normal things like food for Bitcoin, and that’s what happened. Van Wirdum paid for his breakfast meal at McDonald’s using Bitcoin.
Just like all kinds of new forms of money, they always begin selling as a collector’s item. Then, as more and more individuals start to use it, that same collectible can become a store of value, then an exchange tool and end at being a unit of account. The ending, however, requires that the new money is accepted around the globe, and with such a massive adoption rate, the volatility would become minimal, making it a great option to be used in trading.
Bitcoin has had a similar life cycle, as the cryptocurrency was initially just a simple collectible thing, but looking at today, the asset has managed to gain too much interest that it is now being used as a viable payment alternative. The successful future of Bitcoin might take a lot of years to accomplish, as most of the countries or authorities are still clueless about what the asset is offering.