A high-profile crypto whale says that El Salvador might just be the first domino to fall in a big trend toward global BTC adoption.
In a new episode of Delta-Fi, the pseudonymous whale known as Crypto Messiah says that El Salvador likely will not be the only country to embrace Bitcoin as legal tender.
“It’s the first domino in a string of many disenfranchised nations and then maybe, other countries that are looking to reduce their reliance on US dollars. Coming in and saying like ‘Hey we want to go with Bitcoin. We want to go with a currency for our country that can’t be manipulated, that can’t be controlled…’
It is kind of an interesting situation because I hear that the IMF (International Monetary Fund) is meeting with the president of El Salvador soon and there’s no way they’re going to be happy about that. So on the positive side of things, this could be like the shot heard around the world. I understand that the GDP (gross domestic product) of El Salvador is pretty much the same as the market cap of Dogecoin (DOGE), but at the same time, the fact that this has happened is huge and several other nations that have been disenfranchised are following suit.”
Though the crypto veteran is bullish on El Salvador’s Bitcoin-friendly approach, he posits that there’s a chance existing power structures may have something to say about it.
“Now the downside of that that I’m thinking of at least, a lot of these countries are US dollar reliant, and I am curious if the fact that they are trying to introduce a competing currency to the US dollar if that is going to have negative implications at some point. Is the IMF, are these big world central banks, are they going to allow this to happen? Are they going to allow these nations to push forward into the future and find prosperity or are they going to come in and f**k things up?”
Following the Central American country’s embrace of the leading crypto asset, IMF spokesman Gerry Rice stated in a press briefing that they were indeed keeping a close watch on El Salvador, with some concerns about their Bitcoin policy.
“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis… We are following developments closely, and we’ll continue our consultations with the authorities.”
lDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Blue Planet Studio