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.

Wow, this is moving faster than I've predicted, Tonga is the next in line:

https://bitcointalksearch.org/topic/tonga-may-be-the-next-nation-to-adopt-bitcoin-madness-5342855

I wouldn't disagree to your statement op. Even though some countries don't accept bitcoin as a legal tender, the mass adoption will keep on happening. It may be through legal routes or illegal routes, but it will continue in its growth trajectory. So the next bull cycle has a great chance to break previous ATH record.

People are not realizing this opportunity and thinking about short term gain only. Remember, many people became negative when bitcoin price reached 22k back in 2017 and then slipped to 3k in 2018. Now they can't even buy it at 22k level. Opportunity lost!

While I believe that worldwide adoption is possible, I do not see it happening that fast. But regardless of this, I do agree that there is a high chance for Bitcoin to reach a price more than $1XX,XXX and I don't even think that bitcoin would need worldwide adoption yet just to reach this goal. Just with a few big names that would show interest in bircoin may easily push the market making Bitcoin skyrocket in just a blink of an eye. So yes, accumulation and hodling is still the best option for every crypto enthusiast.

As much as there is no certainty in any prediction concerning bitcoin, I'd love to believe that it is true bitcoin will hit new ATHs in the coming months and would in fact be a legal tender in many countries in the space of twelve months.
Just yesterday, I came across a thread that reported the fact that El Salvador endorsed bitcoin and accepts it as a legal tender in the country. I have the belief that several countries would follow siut and in just twelve months, we would be counting nothing less than ten countries accepting bitcoin as a legal tender.

What is wrong with such a prediction? Before the announcement came from president Nayib Bukele, no one really thought that any country (apart from micronations such as Liberland) would make Bitcoin as the legal tender. In all probability, if you had talked about the possibility of such a scenario to any of your friends, they would have mocked you. Now one thing is sure. El Salvador is not going to be the only country to take this step. Once the other countries take note of the investment flowing in to El Salvador, they also will rethink about the status of Bitcoin.

by the way can see btc 28 25
because the volume is too low.

Yeah, people do seem to believe that banks are their saviors and in the best interest of the people. It's not like this, it never was and it never will. Banks are always going to be against us while pretending not to be.

When some countries will ban Bitcoins, others will take the opportunity to sustain it. So bans don't mean shit.

Rockefeller and Rodhchilds are the owner and king of world money and commerce.
I don't know what will happen in the coming days, but they don't like bitcoin. because they are trying to crash btc with fake news. unfortunately btc is very affected by manipulations. !!
Most of the world's media and news companies are in the hands of the Rodhchilds. They can manipulate BTC however they want. because the USD parity, the dollar, is their currency. and if the dollar is damaged, they will do anything to finish bitcoin.
they have a big trump card in their hands, fake news, manipulation and restrictions.
I don't know what will be the end of this thing.

if the country has legalized bitcoin, we must be ready to make our own bank, make our own finances, we must maintain every step we will take, because more and more countries are legalizing bitcoin, the competition is getting tougher, we must be prepared with all the risks we will face, because the pros and cons will always be there, so we must be wise in stepping..

IMHO, this was inevitable right from the start and now it's the right time for the people of the world to start independently using bitcoin the right way to support the network. As I said somewhere else, Bitcoin's a political tool in our hand and we need to make sure to have all right lines of defense in place to stand against the many enemies that will come next.
So, please use your own node, be your own bank and provide liquidity on LN
Remember this is only the beginning.

I usually try to keep my response measured, but it is a pretty big deal.  I figured it was going to be another decade or so before a sovereign nation made BTC legal tender.  

Just keep in mind that other countries may not opt to follow blindly.  Perhaps they'll deem it prudent to watch closely and see how things unfold before they decide whether to take the plunge or not.  I suspect El Salvador will fall under tremendous scrutiny over the coming months.  It's also likely the FUD won't end here.  Those who pull the puppet stings in the media will take every opportunity to highlight any remotely tenuous link to money laundering or other forms of financial crime.  And they'll continue to leave out the part where most crimes involve a national fiat currency.  There's always the chance that it won't be plain sailing from here.

[Insert the usual advice of taking nothing for granted/don't invest what you can't afford to lose/past performance is no guarantee of future success/etc here]

Just imagine it. This is madness! BTC can reach new ATHs in the coming year... funny how people don't realize it. They keep listening to the bankers: "it's risky, it's no good, it's a scam, blah blah".

Go buy BTC now and give yourself a chance to have a better life! We're living historical times.

To me BTC reaching $1XX,XXX is a certainty and I think it will go up way more than that.

Just HODL and enjoy the riiiiiiiiiiiiiiidddddddddeeeeeeee!