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According to Cardano founder Charles Hoskinson, El Salvador’s Bitcoin acceptance is a significant triumph for the cryptocurrency sector.
Following El Salvador’s historic adoption of Bitcoin (BTC) as legal cash on Tuesday, Cardano founder Charles Hoskinson predicted that many other countries will eventually follow in the footsteps of the Latin American country.
El Salvador’s acceptance of Bitcoin “further legitimises the concept that people should have ownership over their money,” Hoskinson said in a YouTube video titled “Congratulations Bitcoin” on Tuesday.
The Cardano founder expressed confidence that cryptocurrencies like Bitcoin are the future of money as the younger generation will inevitably trigger mass adoption of crypto. “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money,” he said.
Hoskinson further predicted that more countries all over the world will move into the cryptocurrency industry by accepting crypto as part of diverse 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 thinking that El Salvador’s Bitcoin adoption will eventually push more countries to dive into crypto:
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, 2021
El Salvador officially became the first country in the world to accept Bitcoin as the official currency on Tuesday, September 7, requiring all local shops to accept Bitcoin as a form of payment. Following that, Bitcoin underwent a significant flash crash, with its price plunging from roughly $52,000 to under $43,000 on Tuesday.