According to Cardano founder Charles Hoskinson, the introduction of Bitcoin in El Salvador is a significant victory for the cryptocurrency industry.
The historic introduction of Bitcoin (BTC) as legal cash in El Salvador on Tuesday has prompted Cardano founder Charles Hoskinson to predict that many more countries will follow in the Latin American nation’s footsteps in the near future.
As Hoskinson explained in his “Congratulations Bitcoin” YouTube video on Tuesday, El Salvador’s acceptance of Bitcoin further legitimizes the concept that people should be able to control their own financial destiny.
The founder of Cardano voiced confidence that cryptocurrencies such as Bitcoin represent the future of money, stating that the younger generation will undoubtedly lead to widespread acceptance of cryptocurrencies in the future.
“The majority of people under the age of 25 have a positive attitude toward cryptocurrencies, and a significant number of them are cryptocurrency owners. That is the way things will be in the future. The ideas and beliefs about the nature of money that they instill in their children will be passed down to them,” he said.
Furthermore, according to Hoskinson, an increasing number of countries throughout the world will enter the bitcoin business by embracing cryptocurrencies as a component of a variety of government structures, stating:
“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency — as El Salvador has done — and make it the national currency.”
Hoskinson is not alone in believing that El Salvador’s adoption of Bitcoin will eventually lead to the adoption of cryptocurrency in other countries:
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, 2021El Salvador became the world’s first country to accept Bitcoin as its official currency on Tuesday, Sept. 7, requiring all local establishments to accept Bitcoin as a form of payment starting the next day. As a result, bitcoin underwent a severe flash crash, with its price plunging from roughly $52,000 to below $43,000 as recently as Tuesday.
