Do you think at some point government will change its stand and adopt Bitcoin?

[Franctoshi]

Here is a post that drew my attention to writing this topic.
The biggest hedge fund manager, BlackRock sometime in 2017 criticized Bitcoin, and presently they have filed for Bitcoin ETF approval and gradually becoming a Bitcoin evangelist, not only BlackRock, other folks like Jamie Diamond, the CEO of JPMorgan Chase, and Micheal Saylor the former CEO of MicroStrategy just to mention a few.


https://twitter.com/BTC_Archive/status/1677710039660855296?t=_GSHd-hYZ89mRszuoEu2UA&s=19


My perspective

Just as the future is uncertain and no one can predict the future, The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years. If BlackRock CEO criticized Bitcoin in the past and later turns to embrace what he kicked against, the government may do so because the government is run by friends of these individuals or people who own these companies, and they may have influence When it comes to government matters.
El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.

Let's have a general discussion, what is your standpoint?

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[DooMAD]

People who care about making money often change their stance on Bitcoin if they start out as skeptics.  But those who care about controlling the populace, like governments, won't be able to accept Bitcoin fully.  Bitcoin reduces the power of governments to control and surveil their citizens and gives power back to the ordinary people. 

The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them.  Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.

[Aanuoluwatofunmi]

The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years

If the government really want to satisfy the people they would have granted every permission for the adoption of bitcoin everywhere but they don't want to have anything that could undermine their own authority over the people and their financial economy, don't be surprised that if some of them were not to be in power, many of them would have wanted to adopt bitcoin as well, their fear is the role bitcoin has come to play by giving financial freedom, trust  and decentralization.

If BlackRock CEO criticized Bitcoin in the past and later turns to embrace what he kicked against, the government may do so

We cannot predict ourselves not to talk of others, we only know about today but never have an idea on what tomorrow may turn because we things change over time, there are many instances that we finds ourselves doing what we never thought or expected of ourselves doing just because of change, anything can happen tomorrow and we begin to see the government in support of bitcoin for adoption and use as a legal tender.

[imamusma]

Everything can change over time, if not now then certainly in the next generation. As long as governments are sure what they will gain by adopting bitcoin, then they may adjust in the future. Of course it won't be easy, it takes time and it takes a lot more to expect the government to change its policies.

I expect the government to change its attitude towards bitcoin over time, but they shouldn't rush into it without a lot of consideration. We know they don't want to get out of hand and don't expect a lot of people to be breaking just after the adoption is announced, that includes preventing abuse and other precautions.

[Sexylizzy2813]

I think there's a possibility of the government becoming soft in the area of accepting to adopt Bitcoin because despite the fact that there are individuals who are of the impression that it's a sham, a front for crime and not safe, there's those who see it as a pathway to financial freedom and a way to maintain privacy.
With the way hardcore Bitcoin atheists are suddenly eating their words, it's no surprise that the move to change their stand would happen sooner rather than later.

[Zaguru12]

Definitely the government will have a change of heart towards bitcoin not because of blackrock or other institutions but because it is a technology that is here to prove many wrong. Just like the internet and some other technologies came into existence and it was frowned upon by people and later embraced after finding out how easy it could make the daily lives is the same way bitcoin adoption will rise.

As we grow into more economical difficulties caused by inflation, fiat devaluation and the hassle of doing cross boarder trading many will turn towards bitcoin. And if the number continues to grows then as we all know the government they wouldn’t want to be left aside so I am sure they will jump on it just to regulate it and possibly place taxes on it. So yes many people begin to realize how bitcoin can solve some of the modern day problems faced in economy/finance more adoption will grow and so will the government also relaxes the laws against bitcoin

[Z-tight]

If the adoption you are talking about is legal tender status, then you shouldn't be optimistic about that. I don't think we are going to experience centralized governments massively adopting BTC as a legal tender, especially the governments of first world countries, because in my honest opinion they don't have to and they won't achieve anything doing that, instead they'll lose some of their censorship strengths.

What we can expect is more governments setting a standard regulatory framework for BTC, they will accept it as a financial activity in their country, but they will regulate it and earn taxes from it.

[dothebeats]

Bitcoin is giving Blackrock too much publicity right now, hence they want to make sure that they don't lose the charm of the public with it by letting go of the ETF. Also, with the positive reception of the masses to what they're doing with the ETF, they know that they can make a lot of money with it that's why they're trying to push it with all their might. They're an entity trying to make more money, so it makes sense that their perseverance on the matter is really high. The governments however, they don't have anything on bitcoin yet. They are still reliant on banks making them money and bitcoin is something that could change that. They are still trying to weigh their options before going full steam with bitcoin. Í

[serjent05]

It has been obvious that the government had been adjusting its laws and regulation to accommodate cryptocurrency.  They may be at some point in the neutral zone but we all had observed how some government are wanting to take advantage of the growing industry.  Since they knew that they will be missing out if they just don't go along the flow of technology.

Aside from that, we all know that the only constant in this world is change so asking whether the government has the possibility to change its stance then for sure it is a yes.

[TimeTeller]

It has been obvious that the government had been adjusting its laws and regulation to accommodate cryptocurrency.  They may be at some point in the neutral zone but we all had observed how some government are wanting to take advantage of the growing industry.  Since they knew that they will be missing out if they just don't go along the flow of technology.

Aside from that, we all know that the only constant in this world is change so asking whether the government has the possibility to change its stance then for sure it is a yes.

Everything is a possibility as they change their perspective towards the crypto market.
Just like many known businessmen or personalities who had negative view towards bitcoin in its early years,
they can alter their approach by modifying some laws to accommodate the businesses related to crypto.
Because they are now seeing that even without government intervention, this market is continuously growing.
So to take advantage of this opportunity, and get something out of it, they can review their regulations towards this market.

[Franctoshi]

The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them.  Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.

There is a saying that the journey of a thousand miles begins with one.

And I think many countries are still asleep, by the time they see what El Salvador saw, they are going to wake up from slumber.
El Salvador, having understood that a system where they continuously print money is doomed to inflation and cannot be sustained over time, saw the need to embrace deflation over inflation and swing into action by adopting Bitcoin, and now we have two countries on onboard. Let's watch what the future brings.

[Oilacris]

The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them.  Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.

There is a saying that the journey of a thousand miles begins with one.

And I think many countries are still asleep, by the time they see what El Salvador saw, they are going to wake up from slumber.
El Salvador, having understood that a system where they continuously print money is doomed to inflation and cannot be sustained over time, saw the need to embrace deflation over inflation and swing into action by adopting Bitcoin, and now we have two countries on onboard. Let's watch what the future brings.

For sure there would be several countries which really be having that reconsideration but the numbers wouldn't really be to outweigh to those countries who would really be totally opposing such idea
or acceptance in according into its existence which it isnt really that shocking if you do ask me. Government would really be always having that bad impression towards Bitcoin or overall crypto space

Dont make ourselves that too optimistic or really that hopeful that there would really be some change of heart or decisions that they had made because whether we do like it or not
they would really be making up decisions on which they would be able to see that it could benefit them, but if not then it wont really be that shocking that they would
really simply ban it or prohibit which its better to anticipate or expect that way rather than on being too optimistic which it would just bring out disappointment.

[LeGaulois]

El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.

Wrong

Bitcoin is a failure in terms of adoption there. Hardly anyone uses it, apart from those who wanted to take advantage of the bonus by using the Chivas wallet.

It is completely irrational for a state to decide to use a non-state currency.
Bitcoin isn't even designed to replace a state currency. At best an alternative but nothing more.

Unless you accept to
- not be able to buy your own house,
- accept to see almost zero companies created
- accept a high unemployement level
- accept poverty

It's just a few exemples

[batang_bitcoin]

Like the known quote about money;

When money talks, everybody listens.

And with their stance before, that have changed them into a better person today because they see the opportunity is on it. Or, they're just playing fool and making everyone believe that they're against bitcoin so that there won't that be much demand and they can pick it while the prices aren't as high as possible.

Going to the point of government, most of them are actually neutral and whoever is at the top of these officials dealing and concerning topics about Bitcoin and cryptocurrencies. They're probably just weighing things around so that they won't compromise the bigger institutions favoring Bitcoin with their policies, so, they really are careful in balancing laws and reviewing the benefits of it upon adoption.

[Hyphen(-)]

The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them.  Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.

There is a saying that the journey of a thousand miles begins with one.

And I think many countries are still asleep, by the time they see what El Salvador saw, they are going to wake up from slumber.
El Salvador, having understood that a system where they continuously print money is doomed to inflation and cannot be sustained over time, saw the need to embrace deflation over inflation and swing into action by adopting Bitcoin, and now we have two countries on onboard. Let's watch what the future brings.

The government's issue with Bitcoin, I believe, stems from its decentralized structure.

Governments want something they can control and profit from, but Bitcoin can never be controlled. I don't believe governments in underdeveloped nations will accept Bitcoin as legal tender; so, the only thing that might happen in certain countries that have yet to legalize Bitcoin is that its residents will be allowed to use Bitcoin at their own risk.

[hatshepsut93]

The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years.

There's no popular pressure for it today. The politicians are very good at recognizing the social trends and appealing to them. And we don't see a lot of politicians bringing up the topic of Bitcoin. That's because they know it would be a waste of people's attention to talk about it, when they could instead focus on something that could boost their approval.

This is another marker of Bitcoin's adoption. Which shows us that even after all these years, it's still at a very low level.

[Framelover]

My perspective
Just as the future is uncertain and no one can predict the future, The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years. If BlackRock CEO criticized Bitcoin in the past and later turns to embrace what he kicked against, the government may do so because the government is run by friends of these individuals or people who own these companies, and they may have influence When it comes to government matters.
El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.

Let's have a general discussion, what is your standpoint?

Technically, I don’t see the government adopting bitcoin now or anytime soon as long as they continue not to have control over it. Bitcoin being a borderless and decentralized digital currency challenges the traditional notion of centralized control and makes it less likely for governments to fully adopt Bitcoin without imposing restrictions. It is also important to know that while governments do not fully accept bitcoin, individuals within the government use and invest in bitcoin on personal level but this doesn’t necessarily reflect on the government’s official stance.

[Franctoshi]

El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.

Wrong
Bitcoin is a failure in terms of adoption there. Hardly anyone uses it, apart from those who wanted to take advantage of the bonus by using the Chivas wallet.

It is completely irrational for a state to decide to use a non-state currency.

Bitcoin isn't even designed to replace a state currency.

Not all countries would want to make BTC a legal tender, However, Legal tender or replacing the state currency is not exactly the focal point of this discussion, but adoption in the sense that if the government will in future start recognizing the use of Bitcoin in a country that doesn't right now, such as trading and investment into Bitcoin and many more rather than how they presently see it now.

For instance, we have some countries where you cannot do anything related to crypto because of their government's aggressive policy and the question is, will the government later change their minds? Just as seen some prominent people did raise critics in the past and today have changed their minds and embraced it, so can we see that happen with the Government?

[Smartvirus]

It’s not abnormal to approach a new innovation with great caution especially one that threatens the stability of governance as by means of taking some of its executive power. Like animals or even our human system, it tends to fight anything Dorine upon discovery, not except there is a disguise by means of hormone generation to simulate something natural.

It’s the same thing we are observing here with the government and the bitcoin innovation. It’s the government’s place yo protect its citizen against anything foreign or innovations that could result in the fraud if of its citizens but as it is, it’s hard to say that’s the case now for the government when we look at bitcoin. There’s isn’t backed by ignorance any more but, a fear of its citizens having a major control of their finance, the government isn’t ready for that.

[flyingcarpet]

El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.

It is unlikely that governments will accept Bitcoin anytime soon. Because all they want is control and taxes. It is very difficult for them to do this in Bitcoin. However, after a while, Bitcoin will become a globally accepted asset. Because even in the examples you gave, those who used to criticize bitcoin are defending bitcoin today.

They may not want change, but they have to keep up with it.