Topic: 1 Year From Now: 5-10 Countries Accepting BTC As A Legal Tender (Read 228 times)

Yes it has started. Bitcoin becoming a monetary standard in nations. El Salvador may be a small inconsequential nation, but this is huge news because someone has to be first and until there is a first there is a barrier. Like with Microstrategy being the first public company to hold reserves in Bitcoin, and the first small institutional wave of adoption started shortly after.

I don't think we'll see 5-10 nations in the next year, but this decade I think we'll see gradually see small nations from Latin America, Africa, and perhaps parts of Asia adopt Bitcoin as legal tender. Next decade we may even see a couple major nations do so. But I could definitely see perhaps 10-15 small nations adopting Bitcoin by end of this decade, and maybe even one or two larger non-western nations as well, perhaps in Asia or the Middle East. Each individual small nation that does so won't have a huge impact on Bitcoin, but when the trend becomes clear as more and more nations adopt it the cumulative effect will be huge. By the end of this decade there could be trillions more dollars in the Bitcoin system because of nations adopting Bitcoin. El Salvador is only the start. Bitcoin is now not only reaching institutional level of adoption, but just entered its nation-state level of adoption, which is of course the end goal. The end goal will take decade to play out and gain steam globally, but it has now started.

South American and Asian, as usual Europe and USA will be late at the party

Seriously I believe if you really want to secure your future I believe you can buy bitcoin and hold and I believe your future is secure financially. I believe few years to come bitcoin will definitely create another record which is all time high I believe there are lot's of countries that are going to accept bitcoin as legal tender which will definitely increase bitcoin price massively so I believe if you are not holding bitcoin I believe this is the right time to Buy and hold and secure your future.

I don't know if it's because of this but now it looks the market is digesting the El Salvador related news quite well. This could be the starting of the bitcoin endgame where bitcoin really wins at the end.
This looks like the 99% finally and completely against the 1% that rules the world.
I don't know how this is going to unfold but this is such a great time to be alive.

 Yep people don't realised how good it is and despite of all achievements they all choose to listen to some frauds. As the matter of fact if elon's didn't take over on crypto space it's now near to 100k. Lol but unfortunately it already happen and some investors became frustrated of the results after the massive declined.. But this isn't new right? this always happened even before and indeed it's the key to excess the price more because without such manipulation and fluctuation in the market, bitcoin will never become more interesting anymore and even the entire crypto currency in the market there's no way it guarantee a huge profit if there's no manipulation and fluctuation..  This is all about buy low and sell high why everybody still don't really know how all the stuff really works.. Lol

Accepting Bitcoin as legal tender is a bid deal, and I think that a few more countries joining El Salvador within the next year or two is a realistic expectation. Nevertheless, making Bitcoin legal and businesses actually accepting Bitcoin are two different things. We'll see whether Bitcoin stays on the legislation level in El Salvador, but it's early to cheer just now. Also, I thought that Japan already accepted Bitcoin as a legal tender years ago, but apparently it's called property rather than money there. In any case, the legislation making adoption possible is great, but it only provides the ground for businesses and customers to catch up, and they might not use this opportunity.

If this extreme volatility was not there, then I guess many more countries would be open to having Bitcoin as the legal tender. The reason why countries such as El Salvador and Ecuador are having US Dollar as a legal tender is due to the fact that they can't guarantee that the local currency doesn't get devalued very frequently. Since the US government is guaranteeing the value of USD, they don't have to worry about it.

BTC can take the place of USD, as it provides additional advantage. US Dollar is not protected against inflation and if more and more countries use it, then it provides an advantage to the US government. The Americans can print banknotes without a limit, and these countries (such as El Salvador) will sufferer from inflation. BTC is decentralized and it makes sures that such a scenario doesn't occur.

Savaldo acknowledges that Bitcoin is their legal tender, so I'm trading forex.

yes , it is very possible . Given the volatile nature of bitcoin, nothing is impossible here. we must prepare ourselves for much better. Risk is better than no action and no change at all. Most importantly we continue to monitor developments and continue to analyze our assets . Do not lose . Although we never know what the next year bitcoin will be like.

This is what I don't like about Bitcoin. Whenever we get some positive news in the market, some people try to take advantage of it and start spreading fake news. El Salvador has made Bitcoin as the legal tender. Now this is real and the parliament has already passed the bill to do so with a supermajority. But no other country is now thinking about the same. And this is applicable to Mexico and Iran as well. In case of Iran, recently they have taken steps to crack down on Bitcoin mining. Spreading fake news is ultimately going to tarnish not just the reputation of this forum, but that of Bitcoin as well.

According to the news and maybe some speculations, we have El Salvador, Mexico and maybe even Iran that got plans to make Bitcoin as a recognized currency within their jurisdictions as they understand the need to move away from the USA Dollar as the recognized currency in international transactions. Iran in particular is using Bitcoin to get away from the embargo imposed on their economy, and they know for sure that they can do it with Bitcoin. I am also particularly following the news on India that can open the door to make cryptocurrency including Bitcoin not illegal which can be a good start for this hugely populated country. However, the market is not really responding so well with these great news - and this can be telling us something.

Yeah, crypto is the future
the whales are buying in this price, i think it will each $100k

It's a pity some people have made themselves such a laughingstock to social media that they sell at a loss as soon as they read a Tweet Isn't that funny? These people are blind and do not see clearly. Just look at the history of Bitcoin and the truth will come out to you!!!
I strongly believe that the next rally will be very big and bitcoin will make new historical highs and all those fools who sell at a loss will regret it.

Since this claim does not have any evidence to support it, it's safe to say that this is only mere speculation from a random user. This means that it could really happen in the upcoming years or maybe more than what he said and also it could not happen as how he claimed it but it will flourish in a different way. We also need to consider that his speculation will not gonna happen since he has not provided evidence about his claim. that's why those who really want to invest will need to do their own research and not follow random speculations.

What I realized from these huge events recently,  which some countries starting to accept Bitcoin as a legal tender.
It's like a "virus" that is spreading slowly.
For me, this is impossible in the future that the adoption of Bitcoin will lessen, as time goes by, Bitcoin is getting more popular.

We already touched $63k which is a huge valuation and if anyone is not convinced yet then it is better to leave them alone. Anyone new in the market who is planning to invest their money at this rate would wage the risk involved and you cannot blame them.

If anyone is able to purchase life changing amount of coins at this rate which is above $37k then they are already in a better life .
The opportunity to make life changing profit for even the layman is over. You can make profit but not life changing money.

El Salvador is not the first, Japan and Australia has been accepting bitcoin as legal tender way back in 2017.

But I do believed that more countries are going to accept it, I mean in the future this will be the norm. It won't replace USD as global currency, but at least BTC could be a good options for most countries.

And it's really a win-win for countries that will accept it, so yeah, why not, it's inevitable. Forget about China, this is a left wing country, they don't want to give more freedom to their people.

El Salvador has been the first and it won't be the last I think. In my opinion, we will see some other countries doing the same in the near future also. But I don't expect big countries to make Bitcoin as their currency also. For example, China is afraid of the possibility that Bitcoin can cause yuan to devaluate really much. So, it doesn't even want its people to use cryptocurrencies.

Although i agree with the topic that in some years time, more countries will accept btc as a legal tender, I have a little contention with the sentence quoted above.

I am certain that this is not a financial advice. There is no complete assurance that buying btc will ensure a better life as there are no assurances in life as a number of things can happen that can make you loose a part of your investment or all your investment.

I find it more appropriate to say Btc buying and HODLing should be considered as an investment option amongst many other options like real estate and so on in plans to give self a life better than the one you are already living.

All the poeple who hold power over the decision making in many countries and many big companies are old and don't have visions, and the only poeple that they listen to when it comes to investment are their lawyers brokers and their bankers, all of which their position are threatend by the success and rise of the bitcoin and cryptocurrency, and for young people who have a bit of power and have vision for the future they are the ones leading the race in investing in it, so with no doubt in mind that as times goes on the stubborn that still believes in the old ways will fall behined and young visionary poeple will take their place and than bitcoin and cryptocurency will surely raise.