Topic: Possibility of bitcoin adoption by countries when world fin. giants does. - page 2. (Read 339 times)

The possibility will always be a 50-50, and increasing depending if Bitcoin is performing well with the company that integrated it.  The country will always take notice of the company that takes advantage and adopts Bitcoin by integrating it to their system.  If these companies perform well in the long run, a country may possibly lean to Bitcoin adoption of their country.  Those who banned it may probably consider reverting their action and stay neutral while continue observing the development of Bitcoin adoption.  Of course, if the company's Bitcoin integration result is negative, countries will then have a second thought of utilizing Bitcoin since the pioneer companies does not bode well resulting in bankruptcy and failure.

From what I could understand here is that  OP is looking at the situation whereby the adoption of Bitcoin by these world financial giants as mentioned can pave way for the fast and speedy adoption of Bitcoin by nations who go to them for financial assistance. Since they have powerful influence and strong monetary policies it could be of help to make them adopt it smoothly without  any challenges.

I also was looking at your points though but do you not think these financial giants adopting Bitcoin alone will cause a fast increase in Bitcoin value which would drive massive adoption of Bitcoin in various nations. Looking at the loan aspect, Bitcoin can be loaned based on its volume and percentage interest could as well be in Bitcoin volume calculations as well. If possible,  the calculations should be in two ways; the monetary value and volume. This I think can be considered when giving out loan to nations interested in Bitcoin as loan.

OP acceptance or consideration by global financial organizations could positively influence those countries' attitudes towards Bitcoin.
But the large-scale adoption of Bitcoin depends on many factors, including regulation, financial education and public perception.  While endorsements from global financial organizations could have an impact, the adoption process will be complex and time consuming.

And we can see that the IMF has putting pressures on El Salvador


https://www.reuters.com/business/finance/imf-says-el-salvadors-bitcoin-risks-have-not-materialized-should-be-addressed-2023-02-11/

And with that statement, I don't think that IMF will simply adopt and embrace bitcoin per se and makes it as legal means of exchange. Sorry to burst the bubble for the OP. Just think of bitcoin's volatility as one major drawback why countries are not willing to take the risk.

We already have El Salvador as a model of what happens when the government tries to push for Bitcoin adoption. Adoption is not increasing as much as bitcoiners have hoped, because legal concerns are only one of the many factors that slow down adoption. Other factors are risks of loss, high fees, price volatility. Combine it with the fact that average people have no problems with banks and payment networks, and it's not surprise that Bitcoin is rarely used as a currency even after 14 years.

OP, I do strongly agree with that point of view when this fin. giants will support Bitcoin openly for the greatest investment opportunity mass adoption will get started by retailers and private Businesses and on the government level some adoption is also possible because these major giants most of the time hold a strong political grip on the country and it's a fact. So by using their own political hold, they can greatly introduce Bitcoin into government policies.

The elite class can do anything whatever they want. So expect something big on the way at least this is the hope in current market.

When world giant economy countries adopts bitcoin as a legal tender, it will definitely shake the ground and influence other countries to follow suit of same, yet we have some countries brave enough to stand by it's decisions notwithstanding take this bold step in adopting bitcoin as a legal tender not considering others take, if a country truly needs a change, they can try out a new system of running their economy in a decentralized way as with bitcoin and we don't have to wait for other countries decisions before taking ours.

They can raise policies on it or regulate it but they won't be able to control it entirely. That's another what if. If likely Bitcoin reach the market cap of gold I think they would ever set foot on it, for now I think these organizations aren't likely interested considering it's volatile nature and it's not inclined to their vision.

This is correctly. The government is the number enemy that keeps the majority away from Bitcoin by means of scaring them using the volatility or providing alternative such as their CBDC. It’s very hard to attain mass adoption if the government which is the one being follow by the majority is the one against the idea of decentralization.

El Salvador is the living proof that mass adoption can only be attain if the government itself is the one believing on Bitcoin.

Massive adoption will start in the government — accept it as legal tender. It will be hundred percent sure financial institutions will follow. But that is only a dream for now, too many violations of different exchanges are facing right now, especially the big ones which they need to address and solve before this massive adoption happens.

I doubt the world bank or global financial institution will implement a bitcoin system, this is clear because bitcoin is decentralized so it cannot control and cannot print new bitcoins like fiat. I think the only way for bitcoin to be implemented and adopted by all countries is when everyone already believes and owns bitcoin, then this situation will force countries to recognize bitcoin and legalize it.

I think countries have been trying to ban bitcoin for a long time, but they failed. Even though many countries have banned bitcoins, it turns out that there are still citizens who own bitcoins. This happens because bitcoin can be accessed anywhere, even though the network is blocked, there are still VPNs that can help access bitcoin-related services.

So I think it's just a matter of time until bitcoin is recognized and can become an alternative world currency. There's no rush to get there, but bitcoin is definitely on its way

Using bitcoin for loans,I don't think this is a better way to promote bitcoin adoption. The volatile nature of bitcoin makes it very risky for it to be used as loans. You should also put into consideration that bitcoin is limited in supply and it is not controlled by the government, which will make it impossible for any country government to think of such.

Imagine that Country A borrowed a loan of 30BTC now that the price is 29k+ and to pay back in two year time with an interest of 5%. This is a suicide mission because it will be a cheat on the borrower or the lender. No need of the loan stuff, if only the big countries i.e the second world countries all legalise cryptocurrency then there will be a massive adoption of bitcoin because,almost all the third world countries depends on the second world countries to survive. So the third world countries will only copy from the footstep of the country that supports them financially.

The possibility of these world financial organizations like you mentioned taking this into practice is low because they consider so many factors before they can do such and the way Bitcoin is in terms of relationship with fiat it's very far and they'd not easily want to modify already slated guidelines for what they call money. Bitcoin goes against fiat in quite a number of ways and this is a red flag to them so would make such possiblity hard to come to pass

Remember Bitcoin is scarce and it cannot be owned by just one body or person so about going to them as what? They won't become lords of Bitcoin suddenly obviously people would have more of Bitcoin than them in fact Scarcity and Decentralization of Bitcoin makes it virtually impossible for them to begin a lordship control of Bitcoin to the point they'd be giving out loans and like you know market of Bitcoin can be very volatile another factor why this can't work!

I like your line of thought and the argument that you have put forth. However, it is only in a Utopian society that we would ever have a time where international financial organizations who again to Bitcoin adoption thereby making laws that allows it to be legal. I don't feel completely comfortable with the idea of Bitcoin loans. It is a highly volatile and speculative asset at the moment and it is more risky taking out a Bitcoin loan not to talk of offering Bitcoin loans to countries as financial aids. This would mostly likely not happen. I like for us to shif our focus from depending or relying on the World Bank or IMF for anything positive about Bitcoin. We the Bitcoin enthusiasts have made it so far without them and we will keep progress without them too.

So you're only talk about Bitcoin as a loan or financial aid for other nations? there's nothing different with fiat, if they can use fiat why they need to use Bitcoin?

The good thing about Bitcoin over fiat is when it used as a loan or financial aid to needy people from other nation, but it's between person with organization or person, not organization with organization.

Usually when you're need to send money to other bank, you need to pay quite high fee and slow, similar like sending money to charity organization where they're making money from it.

But IMF can't print the Bitcoin as they do with fiat so they need to acquire it from the market first before giving it as a loan which is never going to happen in my opinion. So if bitcoin evolves to that stage where IMF has to give at loan to countries instead of fiat then there is no place for the existence of them itself, since bitcoin itself can act as a bank and they already knew it.

Now about the questions you asked if the world banks provide Bitcoin as loan then the country banned bitcoin completely will be revoked?

Maybe yes or Maybe no, it depends on who makes the policies because the government can stand on its own without any flexibility to the changes that or happening or they can be open to adapt and change their stand.

What is the possibility of  massive adoption of bitcoin in the world i.e countries that has law prohibiting bitcoin as a legal means of exchange in their various nations if World Bank, International Monetary Fund, and other World Financial Organisations decides to take in or consider Bitcoin as a legal means of exchange and making loan option for nation to accept bitcoin from them as a loan and source of exchange or legal tender in their various nations. I had to look at this because since these world financial bodies are giants in the finance industry and nations go to them to seek financial aid which happens that they already adopted bitcoin as a means of legal tender and deemed it fit to be considered as digital money which it already is. When nations go to them for financial aid and they tell them that they can give them bitcoin as loan, this would make the nations reconsider their stand in adopting bitcoin as a means of exchange for goods and services. As financial bodies they are, they have strong influence since they set out international monetary policies which these nations look up to for adoption and  implementation in their various nations.

As a world financial organization they are, they can make it more attractive for other nations in the sense that they would raise policies that can be able to accommodate other nations that are yet to implement and adopt bitcoin in their various countries so as to make them reconsider their stringent rules against bitcoin existence in their countries.

I was just being curious about this if it would attract a massive turn up for bitcoin adoption in those nations that have passed law  against the existence of bitcoin in their countries since the world financial bodies are possibly bitcoin friendly organisations and would want them to take bitcoin as loan option.

I thought of sharing this here to  further broaden my understanding and also to know the opinion of other members too but if you feel it is not inline with the stand of this thread or the platform in general, you can call my attention so as to make the necessary corrections or take the necessary steps to effect the observed corrections. I also welcome constructive criticism and observations as I am open to learning to know more.