3/13/2023 0 Comments Youtube top bitcoin expert![]() “I’m confident that the young, maverick President, Nayib Bukele, is correct about other countries adopting Bitcoin as legal tender in 2022. ![]() Many people in poorer nations do not have bank accounts out of a distrust of unreliable financial institutions.Īccording to Green, cryptocurrencies could assist those economies to “bolster financial inclusion for individuals and businesses.” He also forecast that Bitcoin would “become a major election issue” at the mid-term elections in the US later this year. It was at US$46,199 on Tuesday afternoon Australian time. In his English language tweet, Bukele also predicted that Bitcoin would reach US$100,000 in 2022. Once the second and third countries follow El Salvador, Green feels like there will be “a snowball effect” for legal tender adoption around the globe. “However, I think they will ultimately embrace an existing cryptocurrency as a legal tender, as El Salvador has done.” “Is this the first step to making Bitcoin legal tender?”Īccording to Green, Honduras and Guatemala are currently researching central bank digital currencies. In Paraguay, a bill to regulate crypto trading and mining was recently passed. “Also, congressman Gabriel Silva tweeted that this could create jobs in Panama and lure investment from other nations.” “Just after El Salvador’s adoption back in September, Panama announced a bill to make the cryptocurrency legal tender in the country,” said Green. They are all located in El Salvador’s part of the world: Panama, Paraguay, Guatemala and Honduras. Green mentioned several candidates that could elevate Bitcoin to legal tender status in the coming months. “Bitcoin operates on a global scale and therefore is impacted by wider, global economic changes.” Which countries might make the leap in 2022? “By adopting cryptocurrency as legal tender, these countries then immediately have a currency that isn’t influenced by market conditions within their own economy, nor directly from just one other country’s economy,” said Green. It’s no wonder that low-income nations would thus consider adopting Bitcoin as an international currency with limited supply. ![]() “A stronger US dollar, for example, will weigh on emerging-market economic prospects, since developing countries have taken on so much dollar-denominated debt in the past decades.” “Reliance on another country’s currency also comes with its own set of, often very costly, problems,” he said. Huge surprise at Nayib Bukele □□ JanuBitcoin could replace US dollar as stable currencyįor many decades, citizens in developing nations have used the US dollar as a stable currency - as opposed to the local fiat that could dramatically change in value overnight.īut Green pointed out that that practice can trigger other consequences.Their data center is located in Iceland, so they use renewable energy sources, like geothermal energy and hydropower, to power their mining operation in a more cost-effective and cleaner way than. Will become a major electoral issue in US elections this year In the crypto community, Genesis Mining is considered the most reputable cloud mining company.2 more countries will adopt it as legal tender.
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