WHICH COUNTRIES COULD FOLLOW EL SALVADOR BY MAKING BITCOIN LEGAL TENDER?

[jossiel]

Small countries will probably follow in El Salvador's footsteps since they have more to gain than to lose by approving BTC as legal tender when compared to big countries which would adamantly oppose such a move for obvious reasons.

I agree.

And as well as those countries that also have their fiat in USD. There are some countries that have their fiat in USD and I think it will be a bold move if their lawmakers will also make bitcoin as a legal tender.

They should learn from El Salvador.

[Dhoe]

In my own opinion, I think the best countries that might be fully supportive of cryptocurrencies would be the smaller cash-strapped countries of Africa and Central Americas. And we are talking about millions and millions of people in these territories. Still, the only problem that I see is that all the supporters of cryptocurrency would be biased in favor of Bitcoin and would be hesitant in supporting other coins. But I think that is the job of the private crypto companies to ensure that all the other cryptos are covered.

I agree with your opinion, friend, most of what we see and read from the news, most small countries are very supportive of legalizing bitcoin, such as el salvador, and tanzania, big countries actually support bitcoin, but they are afraid of the risk, and afraid of losses, while small countries are indeed their economies are not so good, so they really support bitcoin, to advance their economy, hopefully bitcoin can make their country's economy more advanced going forward..

[DarkDays]

In my own opinion, I think the best countries that might be fully supportive of cryptocurrencies would be the smaller cash-strapped countries of Africa and Central Americas. And we are talking about millions and millions of people in these territories. Still, the only problem that I see is that all the supporters of cryptocurrency would be biased in favor of Bitcoin and would be hesitant in supporting other coins. But I think that is the job of the private crypto companies to ensure that all the other cryptos are covered.

I agree with your opinion, friend, most of what we see and read from the news, most small countries are very supportive of legalizing bitcoin, such as el salvador, and tanzania, big countries actually support bitcoin, but they are afraid of the risk, and afraid of losses, while small countries are indeed their economies are not so good, so they really support bitcoin, to advance their economy, hopefully bitcoin can make their country's economy more advanced going forward..

I agree. Countries like in South Africa have always embraced cryptocurrency and it would not be surprising if many of these counties will copy El Salvador's action towards crypto. It is with these countries where the changes will be easiest to implement before seeing North America or European counties adopting a similar strategy.

[bitterguy28]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

USA and Russia might grab in to it but China? wait haven't you realized their fight against bitcoin for long now
then why in the world that they will put an entry adopting this when they are pushing their own digital currency?
I'm afraid that they are not part of the listing .

[peter0425]

I'll go for singapore or at least Venezuela .

these 2 countries are what i am seeing to be very friendly and helpful to the crypto world so by many chances they will legalized and adopt bitcoin second to El Savador.

Small countries will probably follow in El Salvador's footsteps since they have more to gain than to lose by approving BTC as legal tender when compared to big countries which would adamantly oppose such a move for obvious reasons.

Also, proposals need to be approved to become laws which is a complicated process(Especially in the case of approving cryptocurrencies as legal tender).

Yeah that's same as i think , because it is easy to encourage smaller countries to understand the value of Bitcoin than big countries .

[iTradeChips]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

You are not reading the news lately no? Trump is against Bitcoin, so pretty sure Biden might not approve of it as well (well the Feds don't like it anyway). China has been banning Bitcoin related activity and have seen a mass exodus of Bitcoin miners to other countries. Russia has mixed feelings about cryptocurrency so this might be possible. Besides Vitalik even though an American might have some Russian contacts as well to promote Ethereum in Russia.

[Shasha80]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

You are not reading the news lately no? Trump is against Bitcoin, so pretty sure Biden might not approve of it as well (well the Feds don't like it anyway). China has been banning Bitcoin related activity and have seen a mass exodus of Bitcoin miners to other countries. Russia has mixed feelings about cryptocurrency so this might be possible. Besides Vitalik even though an American might have some Russian contacts as well to promote Ethereum in Russia.

It is very unlikely that major countries such as Russia, the USA and China will follow in El Salvador's footsteps. Because usually big countries are
too selfish to recognize Bitcoin, they still believe in bank system, which of course bank system is more profitable for big countries. So what you
have explained is true, it is very unlikely that a big country will make Bitcoin a legal tender. I believe third world countries will follow in
El Salvador's footsteps, because small countries do need new methods like Bitcoin to help boost the economy. I hope there is one country from
Southeast Asia that will make Bitcoin a legal tender.

[mrongos]

after I read some articles, I think small countries will follow El Salvador's steps to accept bitcoin, because their currency is small, and their economy can be said to be weak, so they want to make new breakthroughs to make their economy improve again, one of them by adopting bitcoin, and making their own mining in their country, maybe a small country like paraguay, tanzania, which will most likely follow the next step of el salvador..

[Shenzou]

I think that Nigeria should be the next one to make bitcoin legal tender as crypto and bitcoin has been really popular thing and people are using it between each other and there are actually shops who accept it, but my hope is for far bigger countries like Germany to implement it more and more into their economy and use it as a legal currency, because if other countries see that big powers invest in it crypto and it has a good impact they will follow their lead and we start seeing it being used more and more.

[livingfree]

Some news in Paraguay says that they're going to be the next one. And I agree with those that have said with countries that have high inflation or hyper inflation like Venezuela.

I think that Nigeria should be the next one to make bitcoin legal tender as crypto and bitcoin has been really popular thing and people are using it between each other and there are actually shops who accept it

It's popular there but AFAIK, their government doesn't look friendly on it.

[n0ne]

Some news in Paraguay says that they're going to be the next one. And I agree with those that have said with countries that have high inflation or hyper inflation like Venezuela.

I think that Nigeria should be the next one to make bitcoin legal tender as crypto and bitcoin has been really popular thing and people are using it between each other and there are actually shops who accept it

It's popular there but AFAIK, their government doesn't look friendly on it.

It looks like El Salvador doing everything in a much organised manner than Venezuela which looks like a failed nation in terms of effective implementation. Nigeria has got more users, but it hasn't been recognised/supported by the government. However Nigeria is one among the leading country that holds increased number of cryptocurrency users.