Cardano creator predicts that more countries will follow El Salvador’s Bitcoin move.
Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that many more countries will eventually follow in the footsteps of the Latin American country.
El Salvador’s acceptance of Bitcoin “further legitimizes the belief that people should have control over their money,” Hoskinson said in a YouTube video titled “Congratulations Bitcoin” on Tuesday.
The Cardano founder expressed confidence that cryptocurrencies such as Bitcoin are the future of money, as the younger generation will inevitably drive crypto adoption. “The majority of people under the age of 25 favor cryptocurrencies, and many of them own them. That is the way things will be in the future. “Those values and beliefs about the nature of money will be passed down to their children,” he said.
Hoskinson went on to predict that more countries around the world will enter the cryptocurrency industry by accepting cryptocurrency as part of various government structures, stating:
“In the coming years, many more nation-states will use cryptocurrency as part of their monetary policy, either as reserves in their central banks or as cryptocurrency rails for central bank settlements, or potentially simply taking a cryptocurrency and making it the national currency, as El Salvador has done.”
Hoskinson is not alone in believing that El Salvador’s Bitcoin adoption will eventually lead to the adoption of cryptocurrency in other countries:
El Salvador officially became the first country in the world to accept Bitcoin as the official currency on Tuesday, September 7, requiring all local merchants to accept Bitcoin as a form of payment. Following that, Bitcoin experienced a major flash crash, with its price plummeting from around $52,000 to under $43,000 on Tuesday.