El Salvador adopted Bitcoin BTC/USD as a legal tender alongside the U.S. dollar on Tuesday and now cryptocurrency experts and industry insiders wonder about the countries that could follow suit.
What Happened: Ethereum ETH/USD co-founder and Cardano ADA/USD creator Charles Hoskinson said in his recent “Congratulations Bitcoin” YouTube video that El Salvador’s Bitcoin adoption legitimizes the idea people should be able to control their money.
He also suggested the move will result in many other countries following suit and adopting the world's first cryptocurrency.
Hoskinson believes cryptos such as Bitcoin are the future of money and the younger generation will cause a mass adoption, since "the majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them." He expects that this generation's "children will grow up with those values and those beliefs about the nature of money," causing further change.
According to Cardano's creator, many more states will use crypto "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 the only one to suggest that, as Michael Casey, the chief content officer at crypto news website Coindesk, suggested the same in a recent interview with CNBC.
Photo: John Schnobrich via Unsplash
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