El Salvador’s bitcoin law went into effect in September. As a result, it is the first and only country to have cryptocurrency as legal tender. This marks a significant step forward in the mainstreaming of cryptocurrency. Bitcoin has come a long way since its humble beginnings and is now a recognized currency before reaching its adolescence. Following the law’s successful launch, there have been numerous positive reactions. Citizens have been posting on social media about how simple and easy it is to spend bitcoin in the country.
Cardano founder Charles Hoskinson also took the time to congratulate the country on this achievement. Hoskinson addressed his 275K YouTube subscribers in a video about this historic achievement. The implementation of bitcoin, according to the founder, is a victory for the entire market. Hoskinson reflected on bitcoin’s humble beginnings. He explained that when he first started in the industry, there were only a few tens of thousands of people. The crypto industry has grown to the point where it now has tens of millions of supporters all over the world.
Old Friendships and New Pathways
The founder expressed his sorrow over the passing of old friends along the way. Hoskinson stated that these individuals had made significant contributions to the crypto industry’s current state. Bringing up Hal Finney, the first person to receive a bitcoin transaction. Who, sadly, died in 2014. And bitcoin developers Mike Hearn and Gavin Andresen left the project. “They added a lot to the dialogue and conversation, and it’s a shame to see them go,” Hoskinson said.
Moving on, Hoskinson praised bitcoin’s progress to this point. Noting that the cryptocurrency has grown to the point where it is now the official legal tender for a nation-state like El Salvador.
“This is a moment for our entire industry, whether you live in the bitcoin sphere or outside of it, the altcoin sphere – the alternative coin – to reflect on how far we’ve come in 12 years. From a single inventor or a small group of inventors, inspired by ideas that came a long time ago.”
Countries Must Develop A Crypto Strategy
The Cardano founder acknowledged that industry members have differing views on how to deal with the growth of cryptocurrency. Instead, he shifted the conversation to how other countries should react to El Salvador’s adoption of cryptocurrency as legal tender.
According to Hoskinson, technological advancements in the space have led to the point where every nation-state must have a crypto strategy in place. This would also include cryptocurrency regulation and, more importantly, a foresight into how cryptocurrency will affect their national interests. “It’s a pretty remarkable accomplishment,” Hoskinson said. “It also makes me proud to work in this industry.